The Third Plenary Session of the 18th Central Committee of the Communist Party of China will be held in November. It is hugely significant, said an article in the 21st Century Business Herald (excerpts below).

The third plenary session has always been an important conference for every central committee of the CPC in recent years. The new leadership of the CPC will reveal its governance concepts systematically for the first time at the conference.

The global financial crisis makes has hit the Chinese economy. This conference will send out a clear signal on how China will overcome these difficulties.

China's reform is a process to make the country's system more adaptable to a new environment. It follows the basic laws of social and economic evolution.

The CPC leaders should come up with systematic solutions to a series of problems. China needs thorough reform, if not a revolution, in many key fields.

For example, defining the borders between the government and the market and the borders between the government and society will instill greater vitality to the market and society.

Debt, tax reform and urbanization are also all urgent challenges for the Party leaders to resolve.