Update | Party's third plenum pledges 'decisive role' for markets in China's economy
Third plenum promises economic change and announces launch of new, powerful organs to spearhead reforms and co-ordinate security strategy
Communist Party leaders yesterday pledged to give market competition a "decisive role" in the economy and strengthen judicial independence in a vaguely worded reform blueprint.
The communiqué issued at the end of a four-day party conclave laid down broad policy directions, but contained few particulars.
The focus of the restructuring of the economic system... is to allow the market [forces] to play a ‘decisive role’ in the allocation of resources
The only concrete move was to set up two powerful organs - one to spearhead reforms and another to formulate a co-ordinated national security strategy.
The main objective of the key policy meeting, called the third plenum, was to forge consensus among the party elite and set a general tone for the country's development.
The plenum was attended by 204 full members of the Communist Party Central Committee and 169 alternates. More specific policy measures will be announced in coming months.
The communiqué - the first policy blueprint unveiled by the new leadership under President Xi Jinping and Premier Li Keqiang - struck a bold tone on economic reform, but a conservative one on the political front.
