China's leaders have begun a meeting where the economic and political agenda for the next decade will be discussed.

According to source, in a brief report announcing that the four-day meeting had opened in Beijing, state news agency Xinhua said it would discuss "major issues concerning comprehensively deepening reforms".

The plan, known as the 383 plan, called on leaders to liberalise the market, encourage innovation and competition, and increase government transparency.

Areas expected to be discussed include liberalising the financial sector, state-owned enterprises and reforming China's household registration system.

The meeting is being closely watched after senior Communist Party official Yu Zhengsheng said last month that "unprecedented" economic and social reforms would be discussed at the meeting.

This is the third time new leaders of China wil lead a plenary session of the Central Committee.

They generally take place a year after new leaders take office, after they have established their power base.

Previous Third Plenums have had a major impact on China's development.

A report released by the Development Research Centre of the State Council, a state-affiliated think tank, has called for three broad areas and eight key sectors for reform.

However, as the meeting is being held in secret, experts say its impact may not be apparent until much later.