China's Communist Party has suggested a greater role for the free market in the country's state-controlled economy, as the party wrapped up four days of high-level meetings in Beijing.
The Xinhua news agency said whereas the party previously considered the market to play a "core role," it will now play a "decisive role" in allocating economic resources. The report did not provide details on how the new distinction will influence government policy.
Xinhua was similarly vague about other so-called "comprehensively deepening reforms" decided on by the party at the closed-door meeting known as the Third Plenum.
The report says party leaders want official functions to be transformed to establish a law-based and service-oriented government. They have also issued a communique calling for the establishment of state security committee. But details have not yet been provided.
The meeting, which brings together the party's Central Committee, was seen as an opportunity to lay out the future for China's economy, which has slowed after several decades of rapid growth.
The Xinhua news agency said whereas the party previously considered the market to play a "core role," it will now play a "decisive role" in allocating economic resources. The report did not provide details on how the new distinction will influence government policy.
Xinhua was similarly vague about other so-called "comprehensively deepening reforms" decided on by the party at the closed-door meeting known as the Third Plenum.
The report says party leaders want official functions to be transformed to establish a law-based and service-oriented government. They have also issued a communique calling for the establishment of state security committee. But details have not yet been provided.
The meeting, which brings together the party's Central Committee, was seen as an opportunity to lay out the future for China's economy, which has slowed after several decades of rapid growth.
