China's leaders have promised to open its markets wider to private and foreign competitors in a sweeping reform plan aimed at rejuvenating a slowing, state-dominated economy.

The pledges come in a report issued Friday that is meant to serve as a blueprint for economic development in the coming decade. It was issued following a closely watched Communist Party conference that ended this week.

Chinese leaders are under pressure to replace a tapped-out growth model based on exports and investment.

The ruling party pledged in Friday's report to allow the creation of privately owned banks and to allow the market to allocate resources — moves that will help more efficient private companies.

As for foreign companies, the plan pledges to ease limits on foreign investment in e-commerce and other industries.