BEIJING, Oct. 27 -- China's new blueprint to advance the rule of law is crucial to the development of a market economy and is set to have a far-reaching impact on China's economic growth, analysts and financial institutions have said.

The ongoing reforms and the anti-corruption drive, which will eventually enable the market to play a "decisive" role in resource allocation, should be guided by and accompany a better rule of law, experts said.

Rule of law topped the agenda of the 4-day Fourth Plenary Session of the 18th Central Committee of the Communist Party of China (CPC), which ended on Oct. 23.

It was the first time that a plenary session of the CPC Central Committee had taken this topic as its central theme.

In the blueprint, the Party declared sweeping judicial reforms while emphasizing the role of the Constitution in China's legal system. It also aims to improve judicial independence, promote procedural justice, professionalize judicial officers, and build a law-abiding government.

Prof. Ma Huaide, vice president of China University of Political Science and Law, said the rule-of-law principle is essential in safeguarding the process of implementing the historical reform plan which was rolled out by the CPC last November.