INNOVATION
Innovation will be put at core position for China's development in the following five years.
Sectors including political theories, science, technology and culture need to be made more innovative, said the communique.
The government plans to encourage a system that nurtures innovation and sees better allocation of resources including labor, capital, land, technology and management.
China will continue to encourage mass entrepreneurship in the hope that it will lead to new technology, the communique said.
The Internet will be better integrated with traditional industry to drive economic growth in the next five years.
The country will also boost the development of the sharing economy and the big data sector, according to the communique.
There will be more official moves to upgrade the economy into a global manufacturing power, cultivate strategic industries and modernize the agricultural and service sectors.
The government will intervene less in price formation, deregulating pricing products and services in competitive sectors, said the communique.
OPENING UP
The Party reiterated that China continues to open itself up to the world and participate more in global governance and trade "so as to establish a far-ranging community of shared interests."
The country will attract more foreign investors by being clearer on the rules that apply to them.
The Party has decided on nationwide adoption of the "negative list" model that clearly states sectors and businesses that are off limits to foreign investment. This will help ensure the protection of foreign investors' rights and better allocate their funding.
