Continued efforts should be made to consolidate the dominant position of the public economy as well as to vigorously promote the private sector in China, according to a decision issued Tuesday by the Central Committee of the Communist Party of China (CPC).

The decision, which focuses on the improvement of the socialist market economic system, was approved at the Third Plenary Session of the 16th CPC Central Committee, held from Oct. 11 to 14, and outlined the major tasks to further improve the market economy to build a well-off society in the country.

The decision called for actively promoting the development of diversified forms of public ownership, and speeding up adjustments of the layout and composition of the public economic forces.

A share-holding system that absorbs investment from various channels should be the major channel through which public ownership could be realized, the decision said.

More public capital should be invested in important industries that are vital to national security and economic lifelines, according to the decision.

The decision also called for vigorously promoting and guiding the private sector of the economy and granting private enterprises the same treatment in investment, financing, taxation, land use and foreign trade.

Non-public capital should be allowed to enter infrastructure, public utilities and other sectors not prohibited by laws and regulations, the decision said.

The decision also called for establishing a modern property rights system with explicitly defined ownership structure, rights and liabilities, strict protection and smooth transfer channels.

The decision also ruled that property rights of various types should be protected in accordance with the law.

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