What’s in store for the world’s second biggest economy? That’s what the 18th Communist Party of China Central Committee is set to decide in its third plenum.
Many observers expect it to be a landmark event in the country’s economic reforms. It will be the third time the Party’s current 200-member Central Committee has gathered since last year’s leadership change.
The CPC Central Committee is the highest authority within the Party, and is elected every five years at its National Congress.
The Central Committee holds 5 or 6 plenary sessions, with all members present, during its five-year tenure.
The first two sessions are focused on the selection of key Party and State leadership.
The third session draws up the long-term strategy to guide the Party and the State for the next 5 to 10 years.
The most significant third plenum was in 1978, following the end of the Cultural Revolution. It marked the start of China’s reform and opening up.
Six years later, in 1984, the concept of the planned economy was abandoned. For the first time, China declared itself a socialist market economy. A key point was speeding up reforms in urban areas.
In November 1993, China released a framework of building a socialist market economy. It included deepening economic reforms in the rural areas.
In 2003, there were new ideas and measures to complete the transformation to a socialist market economy. Key points included encouraging development in the private sector and reforms of State-Owned Enterprises.
Source: CCTV
