China's Communist Party third plenum continues in Beijing

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Investing.com - " China's Communist Party was to hold a third day of meetings on Monday to discuss major economic and social reforms designed to create a new model for economic growth in the world's second largest economy.


In a report on Saturday announcing that the four-day meeting had begun in Beijing the official Xinhua state news agency said party leaders would discuss "major issues concerning comprehensively deepening reforms". The agency said reforms would be "systematic, integrated and coordinated".

President Xi Jinping has pledged to deliver "unprecedented" and "comprehensive" reforms amid growing public anger over issues, including monopolies held by state-owned companies, widespread corruption and pollution.

Topics expected to be discussed at the meeting included liberalizing the financial sector and state-owned enterprises, changes to China's residency registration system and land reforms.

After posting double digit growth rates for more than ten years Chinese economic growth slowed to a two-decade low of 7.5% in the second half of this year.

China's Communist Party declared last month that it will work to speed up the development of a socialist market economy, democracy, cultural development, social harmony and ecological progress.

The meeting of the 205-member Central Committee is the third annual plenum, or full meeting, of the party's 18th congress. In the past, the meetings have been used by China's leaders as a launching pad for far-reaching economic reforms.

Such meetings usually take place a year after new leaders take office, when they have built up political capital. Xi Jinping took over as party general secretary last November, before becoming president in March.

Security in the capital remained high after five people were killed last week in what Chinese officials called a "terrorist attack" in Tiananmen Square. Beijing has blamed the East Turkestan Islamic Movement for the suicidal vehicle attack.




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