BEIJING - The 18th Central Committee of the Communist Party of China (CPC) on Tuesday approved a decision on "major issues concerning comprehensively deepening reforms" at the close of their four-day meeting.

Entrusted by the Political Bureau of the CPC Central Committee, Xi Jinping, general secretary of the CPC Central Committee, delivered a work report to the third Plenary Session of the 18th CPC Central Committee, held from Nov. 9 to 12 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.

China must build on the paramount reality that it remains in the primary stage of socialism and will long remain so while pursuing comprehensive, deeper reform, the communique 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, it 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 communique.

Highlights of a communique issued after the third plenary session of the 18th CPC Central Committee

China to establish state security committee. (read more)

China will deepen its economic reform to ensure that the market will play a "decisive" role in allocating resources. (read more)

China to set up central leading team for "comprehensively deepening reform". (read more)

China to promote an economy with diverse forms of ownership. (read more)

A modern financial system that supports the initiative of both central and local authorities should be set up. (read more)