The world awaits for news on China's reform agenda for the next decade.
Leaders and members of the Central Committee of the Communist Party of China are currently meeting in Beijing. Known as the Third Plenum, the reform summit is expected to yield China's economic and political agenda in the next years.
China, now the world's second-largest economy next to the US, is currently laden with mounting debt and burdened by industrial incapacity, environmental damage and soaring house prices.
Under China's new leadership, the world's most populous country has witnessed the weakest GDP growth since the late 1990s. Apparently, President Xi Jinping and Premier Li Keqiang are prioritizing sustainability rather than high growth rate per se.
Social and environmental sustainability was the conclusion of a similar plenum held in 2003, yet what followed was otherwise.
China is in between its government's liberal economic stance on one hand and the leftist and conservative standpoint taken up by local governments, state-owned enterprises and state banks on the other.
What transpires in the Beijing reform summit may bring dramatic change not only for China but the world as well.
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