China’s Communist Party Third Plenary Session Continues in Beijing

China’s Communist Party is set to hold a third day of meetings on Monday to address significant economic and social reforms aimed at shaping a new model for growth in the world’s second-largest economy.

A report from Saturday indicated that the four-day meeting began in Beijing, where party leaders are expected to tackle “major issues concerning comprehensively deepening reforms.” The state news agency highlighted that these reforms will be “systematic, integrated, and coordinated.”

President Xi Jinping has committed to implementing “unprecedented” and “comprehensive” reforms in response to rising public discontent over issues such as monopolies held by state-owned enterprises, widespread corruption, and environmental pollution.

Key topics on the agenda include liberalizing the financial sector and state-owned enterprises, as well as reforming China’s residency registration system and land policies.

After experiencing double-digit growth rates for over a decade, China’s economic growth sharply declined to a two-decade low of 7.5% in the latter half of this year.

Last month, the Communist Party announced its intention to accelerate the establishment of a socialist market economy, enhance democracy, promote cultural development, foster social harmony, and support ecological progress.

The meeting of the 205-member Central Committee marks the third annual plenum of the party’s 18th congress, which has historically served as a platform for launching ambitious economic reforms.

Typically, these meetings occur a year after new leaders assume power, allowing them to leverage their political capital. Xi Jinping became the general secretary of the party last November and was later appointed president in March.

Security remains heightened in the capital following a recent incident in which five individuals lost their lives in what officials have described as a “terrorist attack” in Tiananmen Square. The government has attributed the attack to the East Turkestan Islamic Movement.