BEIJING (REUTERS) - China's Communist Party said on Thursday (Oct 29) that it would target medium to high growth for the next five years, the official Xinhua news agency reported.

Party leadership concluded its meeting on Thursday to finalise the 13th Five-Year Plan, a blueprint for economic and social development between 2016 and 2020.

China will also "significantly" raise the share of consumption in its economic growth in the next five years, state radio said on Thursday, citing a communique released by the Communist Party at the conclusion of the meeting.

The country will also increase its targeted adjustment to economic policy to keep the economy growing at a relatively quick pace.

At the same time, the Communist Party reiterated its goal to double per capita income by 2020 compared with the level in 2010.

(This story is developing.)