CCP plenary session begins in Beijing marked by economic challenges and strategic adjustments

The elite of the Communist Party of China (CPC) begins a key plenary session in Beijing on Monday, where leaders will discuss policies to be implemented in the context of economic challenges and strategic adjustments.

The third plenary session of the 20th CPC Central Committee will be held from July 15 to 18, breaking with the tradition of holding the session in October or November, with no explanation from the authorities for the delay.

More than 370 members of the central committee will meet behind closed doors in Beijing, in an event considered the most important of the seven that the Party has held during the five-year term of this governing body.

The plenum will discuss crucial issues such as deepening economic reforms and modernizing China, state news agency Xinhua reported on Sunday.

The modernization of China’s financial system will focus on supporting the real economy and technological innovation, Tian Xuan, associate dean of Tsinghua University’s PBC School of Finance, told the official China Daily.

The reforms will include stricter regulation to avoid systemic risks and greater development of venture capital to boost emerging sectors.

Meanwhile, Wu Xiaoqiu, dean of the National Academy of Financial Research at Renmin University of China, stressed the need for tougher laws to tackle fraud and protect small investors.

Other analysts stress the importance of greater financial openness to attract foreign investment and improve resource allocation, and say provincial debt accumulation and a protracted real estate crisis point to the need for deeper fiscal reforms.

The meeting could also address investigations into dismissed senior officials, such as former foreign and defense ministers Qin Gang and Li Shangfu, whose public disappearances have sparked speculation.

Li’s expulsion from the Central Committee on corruption charges was announced in June, while the future of Qin, whose dismissal has not yet been explained, could depend on a resolution during the plenum, which could clarify the circumstances of his dismissals.