The Third Plenary Session of the 14th Central Committee of the Communist Party of China (CPC), held in Beijing from November 11 to 14, adopted a decision on issues concerning the establishment of a socialist market economic system, according to a communique released from the meeting.

"We should firmly grasp the favorable domestic and international opportunity to speed up the process of establishing a socialist market economic system and bring about a sustained, swift and sound development of the national economy," the communique said.

The communique pointed out that establishing a socialist market economy means making the market a fundamental factor in the disposition of resources under state macro-control.

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