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Top leaders of the ruling Communist Party approved a reform agenda that would overhaul the world’s second largest economy during the Third Plenary Session of the 18th CPC Central Committee.
A CPC communique released after the meet said, China will set up a central team for “comprehensively deepening reform” and that markets will play a “decisive” role in allocating resources.
China’s new leadership has earlier stressed on market-oriented reform path, streamlining administration and delegating powers to lower levels, and allowing the market to play a greater role.
Economic reforms dominated talks that began on Saturday and involved the 205-member Central Committee of the CPC.
President Xi Jinping delivered a work report at the third Plenary Session of the 18th Central Committee.
Security, during the Plenum in Beijing, was stepped up as a terrorist attack in Tiananmen Square had killed five people on October 28.
The CPC communiqué released on Tuesday also said China will establish a state security committee aiming to “improve systems and strategies to ensure national security”.
“China will improve social governance and safeguard the interests of the people,” said the communique.
Analysts have said China must inspire new efforts after its decades-long opening-up and reform to maintain sustainable growth.