By Hong Soon-do, Beijing correspondent, AsiaToday - The Fifth Plenary Session of the 18th Central Committee of the Communist Party of China (CPC) will be held in October to make a draft for the country's ambitious "G1" plan. Therefore, it's certain that measures for major reform and adjustment of the overall economy are expected to be sought at the annual plenum.

As the main agenda of the Fifth Plenary Session is 'The 13th five-year plan for national economic and social development', it's clear that the Chinese Communist Party would have to review the situation of the overall economy and set up measures as part of the 13th five-year plan period, which runs from 2016 to 2020, according to Xinhua and other Chinese state-run media reports on July 22.

To be more specific, a major reform of state-owned enterprises will likely to be discussed. The key is to improve the efficiency by slimming down. Furthermore, privatization plan to strengthen competitiveness will be coming up. Manpower relocation for employment improvement will be also discussed as well.

The country will also need to find ways to resolve the municipal debt without side effects that is being one of the weak points of its economy. It's a nonsense talking about the "new normal" without leaving behind the municipal debt of a whopping 110 trillion yuan, which surpasses 150 percent of gross domestic product, given that household and corporate debts are formidable.

In addition, the government will likely to seek ways to stabilize the stock market which could plunge at any time, and to stimulate the economy in order to activate the domestic market. It seems that the Chinese economic authorities are well aware that such economic issues shouldn't be ignored in order for the country to hit ambitious 2020 goals and become a 'G1'.
 
Moreover, the upcoming conference will carry out major personnel changes for the national leaders to lead the country. Of course, corrupted personnel and those involved in corruption scandals will be kicked out.