BEIJING - The Chinese government will intervene less in price formation, according to a communique released on Thursday after a four-day key meeting of the Communist Party of China (CPC).

The government will deregulate pricing products and services in competitive sectors from 2016 to 2020, or the 13th Five-year Plan period, leaders decided at the Fifth Plenary Session of the 18th CPC Central Committee.

China will improve macroeconomic management, and intensify targeted controls, the CPC said in the communique.

It said the government will cut red tape, delegate more power to local authorities and improve government services.

To this end, China will try to overhaul state assets management, establish modern fiscal and taxation systems, and reform financial supervision.