The 18th Central Committee of the Communist Party of China approved Tuesday a decision on "major issues concerning comprehensively-deepening reforms" at the close of their four-day meeting, official Xinhua News Agency reported.
Chinese President Xi Jinping, who also serves as general secretary of the Communist Party of China's Central Committee, delivered a work report to the third Plenary Session of the committee, held from Nov. 9 in Beijing.
The general objective of the approved reforms is to improve and develop socialism with Chinese characteristics and push on with modernization of the country's governing system and capabilities, according to the communique issued after the session, the report said.
"Economic reform is key, and the core solution is the proper relationship between the government and the market, leaving the market to play the decisive role in allocation of resources and the government to play a better role," the communique said.
Decisive results must be achieved in key sectors, and a well-developed, scientific, procedure-based and effective framework must be in place by 2020 to ensure institutions in all sectors be more mature, according to the document.
China will stick to the dominant role of public ownership, playing the leading role of the state-owned economy, while encouraging, supporting and guiding the non-public sector, enhancing its vitality and creativity, it said.
A united and open market system with orderly competition will be built so that the market will play a "decisive" role in allocating resources, according to the communique. Government functions must be transformed in a manner to build a law-based and service-oriented government.
The reform also includes building a modern fiscal system that supports the initiative of both central and local governments.
China aims to improve a new type of relations between industry and agriculture and between urban and rural areas.
China will lower the investment threshold, step up the development of free trade zones and increase opening-up of inland, coastal and border areas, the document said.
The country will establish a state security committee, improving systems and strategies to ensure national security, according to the communique which called for the innovation of systems to effectively prevent and end social disputes and improve public security