Chinese Vice Premier Wang Yang (R) holds talks with U.S. President Barack Obama's special representative and Treasury Secretary Jacob Lew in Beijing, capital of China, Nov. 15, 2013. (Xinhua/Ma Zhancheng)

BEIJING, Nov. 15 (Xinhua) -- Chinese Vice Premier Wang Yang said here Friday that China's plan for deepening reforms has significant innovations and breakthroughs in both theoretical and practical terms.

Wang made the remarks as he held talks with visiting U.S. Treasury Secretary Jacob Lew in Beijing.

The plan consists of "major innovation in theoretical terms and major breakthroughs in practical measures, which are set to generate a great dividend," Wang said, briefing Lew about the decision on major issues concerning comprehensively deepening reforms that was approved by the 18th Central Committee of the Communist Party of China (CPC) on Tuesday.

Wang said the plan has made a series of major arrangements in the areas of economy, politics, culture, society and environment. He said the measures will advance China's economic and social development to a new level.

"This will not only benefit the Chinese people, but also provide impetus for a new type of relations between China and the United States," Wang said.

Since the beginning of this year, China's economy has maintained sound growth. Major economic indices have stabilized and continue to improve.

"The target of a 7.5 percent growth for the year is within reach," Wang said, pointing out that the environment for global economic growth remained complex.

"The Chinese side hopes that the U.S. side properly address government budget and debt limits, properly handles the spillover effect of the exit of QE policy by the Federal Reserve and maintains the stability of the international financial market," Wang said.

Lew said China's ambitious reform agenda is very important for bilateral economic cooperation and the global economy. He said both the United States and China are faced with the common task of advancing growth and deepening reform.

He said the U.S. side is ready to strengthen cooperation and coordination with the Chinese side to jointly maintain strong, sustainable and balanced growth of the global economy.