Market to play 'decisive' role in allocating resources

BEIJING - The Communist Party of China (CPC) has acknowledged the market's "decisive" role in allocating resources, according to a communique issued after its key session about reform.

China will deepen its economic reform to ensure that the market will play a "decisive" role in allocating resources, according to the communique after the Third Plenary Session of the 18th CPC Central Committee, which closed here Tuesday.

The market had been often defined as a "basic" role in allocating resources since the country decided to build a socialist market economy in 1992.

While following its basic economic system and improving it, the country will work to improve the modern market system, macro-regulatory system and an open economy, the document said.

To let the market decide the allocation of resources, the primary task is to build an open and unified market with orderly competition, according to the document.

Land in cities and the countryside, which can be used for construction, will be pooled in one market, it said.

Under a modern market system, businesses should be allowed to operate independently and compete fairly while consumers should be free to choose and spend. Also, merchandise can be traded freely and equally, the document said.

In the document, the CPC pledged to clear barriers in the market and improve the efficiency and fairness in the allocation of resources. It will also create fair, open and transparent market rules and improve the market price mechanism.