High reform hopes before plenum

All eyes are starting to shift to the Third Plenary Session of the Communist Party of China's Central Committee. Rather than concrete measures, the Plenum is expected to announce objectives and directions to rebalance growth toward domestic demand, consumption and services, and upgrade the industrial structure. Ever since Chinese President Xi Jinping and Premier Li Keqiang took over the CPC leadership in November last year there has been keen interest in the direction they give to the reforms.

In line with tradition, the new leadership has in the last 12 months or so been taking stock of the country's key challenges and the need and room for reform. The new leadership's statement of principles and directions of economic policy and reforms are meant to be approved by the Party plenum in November.

Expectations are high for the new leadership's reform plans for several reasons. For one, many people have been wishing for reforms in various fields. In the economic and financial realm, they look forward to market-oriented reforms.