BEIJING - China is to promote an economy with diverse forms of ownership, according to the communique issued after a key meeting of the Communist Party of China (CPC) Central Committee.

"Both public and non-public sectors of the economy are important components of the socialist market economy and significant bases for economic and social development," reads the statement released after the third plenary session of the 18th CPC Central Committee closed on Tuesday.

Development in the non-public sector will be encouraged which will in turn stimulate vitality and creativity in the whole economy, the document says, while maintaining the dominance of the public sector.

The property rights protection system will be improved and state-owned enterprises will adhere to modern corporate practices, supporting healthy development in the non-public economy.