China’s Communist Party said it will create a new committee to “deepen reforms” to allow the free market to play a larger role in the economy at the conclusion of a four day policy summit, known as the Third Plenum, on Tuesday.
In a statement issued after the closed-door meeting had ended the official Xinhua state news agency said a decision on “major issues concerning comprehensively deepening reforms” was approved and the market will play a “decisive” role in the allocation of resources.
China will “push forward land reform and give farmers more property rights”, but included no details on specific measures.
A more detailed policy document is to be released in the coming days.
There was a long list of generalities about environmental reform and other reforms but details have to be worked out on all issues.
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