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The new system will be finalised around the end of 2014 at the earliest.
The Chinese government has so far allocated a total of 14.2 billion yuan to boost the cultural sector.
The second round talks will discuss items that will be liberalised by lowering or removing tariff barriers.
China takes centrestage for now, says the new report released on Monday.
These reforms were approved at the Third Plenary Session of the 18th CPC held from November 9-12 in Beijing.
China has said it would allow the market to play a decisive role in the economy.
The newly elected countries will be on the council from 2014 through 2016.
Economic reforms dominated talks that began on Saturday and involved the 205-member Central Committee of the CPC.
It is the third round of joint drills to be held between the two nations since 2007.
US Secretary of State John Kerry also said Washington is not in a race to seal a deal.
