BEIJING — The Chinese government will reduce intervention in price formation, according to a communique released on Oct 29 after a four-day key meeting of the Communist Party of China (CPC).

The government will deregulate pricing products and services in competitive sectors in a comprehensive way from 2016 to 2020, or the 13th Five-Year Plan period, said the communique issued after the Fifth Plenary Session of the 18th CPC Central Committee.