BBC: Will Third Plenum be an economic turning point?

The BBC questioned whether an upcoming?CPC plenary session will be able to transform China as the meetings in 1978 and 1993 did.

Though unlikely to be as notable as the previous dramatic moments, according to the report, the meeting, slated on Nov 9-12, still raised high expectations that China's top leaders will launch significant reforms.

The report also introduced the much-discussed 383 Plan, a reform package that aims at three major breakthroughs – lower market barriers to attract investment and boost competition, setting up a basic social security system, and allowing collectively-owned land to be traded.

It also mentioned State-owned enterprises, which are still controlling China's key economic sectors such as oil, banking and telecommunications, as an opposition to increase competition.

The?report also cited land reform as a key part of the reform basket, which is designed to let farmers, instead of local governments, profit from land transfers.

A freer financial market is also likely to be on the agenda, the report said,?noting that?it?is not sure?when it can really happen and how far it can go.