China's Third Plenum promises 'decisive role' for markets in economy

Chinese leaders have promised that markets would play a leading decisive role in allocating resources, and added that state ownership would remain a pillar of the economy, following the closed-door "Third Plenum" meeting.

The Communist Party leaders unveiled a series of key economic reforms aimed at overhauling its economy over the next decade, the BBC reports.

According to the report, a new committee will oversee internal security to guard against social unrest, and farmers will be given more property rights over their land.

The Third Plenum is said to be the third meeting of the President Xi Jinping-led 18th Central Committee.