China's Communist Party agreed to offer bigger role for in the world's second largest as part of the sweeping reforms outlined by party leadership during the Third Plenum meeting that concluded in Beijing on Tuesday.

The meeting agreed to deepen the country's economic reforms to ensure that markets play a "decisive role" in allocating resources, according to a communique issued after the four-day gathering of the 18th Communist Party of China (CPC) Central Committee.

China needs to build an open and unified market with orderly competition before letting the market decide the allocation of resources, the CPC said in the statement.

It also promised to clear barriers in the market and improve the efficiency and fairness in the allocation of resources. The authorities will also create fair and transparent market rules as well as improve the pricing mechanism, according to the statement.

"China aims to achieve decisive results in key areas by 2020," the communique said.

While outlining a number of key economic reforms for the next decade, the CPC said China will relax investment restrictions and accelerate construction of free trade zones.

In addition, lands in cities and the countryside which can be used for construction will be pooled to a single market, the CPC said.

The meeting also decided to set up a central leading team to oversee and co-ordinate the implementation of "comprehensive deepening of reforms".

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