China convenes meeting to lay out economic plans for next year

China's central authorities on Tuesday convened a high-level meeting to lay out economic plans for next year, state-run media said.

The so-called Central Economic Work Conference is expected to run two or three days, during which senior officials will discuss major economic and fiscal agenda items, such as a target of gross domestic product, for 2014.

The high-level meeting in Beijing comes about a month after China's Communist Party's four-day conclave of its top officials that mapped out a road map of reforms for the next five to 10 years.

During the Third Plenum of the Communist Party of China's 18th Central Committee, the officials agreed that economic reform is "key" to the country's further development.

A communique of the third plenum said China will advance reforms to ensure that the market plays a "decisive" role in allocating resources.