China's Third Plenum Promises Economic Change

Following a four-day party conclave, China's Communist Party leaders have issued a communiqué pledging to allow market [forces] to play a 'decisive role' in the allocation of resources, according to a report by the South China Morning Post.

 

According to the communiqué, two powerful organs will be set up - one to spearhead reforms and another to formulate a co-ordinated national security strategy.

 

The third plenum was attended by 204 full members of the Communist Party Central Committee and 169 alternates.

 

The leaders pledged to strengthen the independence of the judiciary and improve the anti-corruption mechanism.

 

The party also said the private sector should be treated on the same footing as state-owned enterprises. It said: "Both the public and private sectors are the same important components of a socialist market economy and the important bases of our nation's economic and social development."

 

The leadership also announced the formation of a state security committee "to perfect the state security system and state security strategy, and to ensure national security."

 

 

 

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