China to build high-level socialist market economy

BEIJING - China will comprehensively deepen reform in pursuit of a high-level socialist market economy, according to a communique released Thursday after the fifth plenary session of the 19th Central Committee of the Communist Party of China.

China will uphold and improve the basic socialist economic system, give full play to the decisive role of the market in resource allocation, let the government better play its role, and promote the better integration of an efficient market and a capable government, according to the document.

The communique emphasizes the need to stimulate the vitality of various market entities, optimize macro-economic governance, establish a modern fiscal, taxation and financial system, foster a high-standard market system and transform government functions.