CHINESE leaders are meeting to set economic targets for the coming year amid pressure from US President-elect Donald Trump and European governments over trade and market access.

This year's Economic Work Conference, attended by President Xi Jinping and other Communist Party leaders, comes as Beijing faces complaints it is hindering access to its markets and subsidising exports in violation of its free-trade commitments.

The Central Government has vowed to make China's economy more competitive and productive by giving market forces a bigger role, but reform advocates complain Beijing is failing to reduce the dominance of state companies. Foreign companies say regulators are trying to squeeze them out of technology and other promising fields, reported Associated Press (AP).

Mr Trump, who takes office January 20, has vowed to press Beijing by introducing 45 per cent tariffs on Chinese goods, while European business leaders express frustration that Beijing blocks foreign purchases of most Chinese assets, yet Chinese companies are on a global buying spree to acquire technology and brands.

China's ruling party has emphasised its intention to tighten political control over major companies, which its trading partners say runs counter to pledges to promote competition. Official development plans call for Chinese companies to dominate fields including information technology, electric cars and other emerging industries.

"The world will listen whether the conference will send credible signals of further opening and reform," said Germany's ambassador to Beijing, Michael Clauss, in a statement on his embassy's website.

"The signals so far are mixed at best," said Mr Clauss. "The keywords seem to be stability, security and unified thinking, not bold reform, equal competition and liberated thinking."