KUALA LUMPUR -- A key meeting of the new leadership of the Communist Party of China (CPC) has showed firm resolve to deepen reforms that would boost the world's second largest economy, a Malaysian expert said.

"The successful conclusion of the Third Plenum of the 18th CPC Central Committee was highly anticipated by most overseas Chinese, " Oh Ei Sun, a senior fellow at Singapore's Nanyang Technological University, told Xinhua on Monday.

The meeting, after four-day closed-door talks ending on Tuesday, approved a document on major issues concerning comprehensively deepening reforms.

The document, said the expert, showed the determination of the new CPC leadership to vigorously deepen reforms in economy, politics, culture, society, ecosystem and other fields.

Oh, who is also former political secretary to the Malaysian prime minister, noted that the direction of China's economy has global significance as the dynamics of the world economy continue to stagnate.

The decision adopted by the meeting to upgrade the role of the market in resource allocation from "basic" to "decisive" shows CPC's resolve to comprehensively deepen China's reforms, said Oh.

The document also made a clear delineation of the relationship between government and market, said the expert.

That would not only help propel the transformation of government functions to more effectively perform its tasks, but also enable China to connect better with the world economy and bring recovery to the rest of the world, he said.

The expert said he is optimistic about forthcoming reforms in land, tax, and the financial system.

"A more refined taxation system and budget transparency are crucial aspects of national administration and modernization of the ability of administration," he said.

The transparency, liberalization and fairness of land transfers are also important drivers for economic growth, he added.

"The ultimate goal of reforms is to realize better development, so that people can live happier lives," said Oh.

"We overseas Chinese share the same aspiration of the Chinese people that the decisions of the Third Plenum could be smoothly implemented, and their end goals be achieved."

"We also hope to see China continue to play a constructive role on the world stage to enhance global peace and prosperity," he said.