By Hong Soon-do, Beijing correspondent, AsiaToday - It seems clear that Beidaihe meet, the informal annual gathering of the Communist Party leadership in China, kicked off on July 29. For the last few days, sources delivered the news of the Communist Party leadership and veterans gathering to Beidaihe in Hebei province, which is about three hours away from Beijing.

According to source well-versed in Chinese political affairs on July 30, the biggest topic likely to be discussed in this conference is the economy. China's 13th five-year plan covering social and economic initiatives for 2016-2020 will be intensively discussed. Measures for the collapse of stock market bubble, which emerged as one of the severe economic issues, will likely to be discussed as well. Decision on personnel holding responsibility for stock market plunge might be made since some specific names are coming out as scapegoat.

Measures to stop the Chinese stock market from plunging will have to be shaped soon. Not possibly, decisions on additional public finance to hold up the stock market might be made. Chinese leaders will also seriously discuss measures to resolve credit (debt) and real-estate bubble.

Another key topic is the high-level personnel affairs. Party secretaries and mayors in the top-four major cities - Beijing, Shanghai, Tianjin, and Chongqing - will likely be replaced entirely. In this case, Zhang Guoqing of vice secretary of the Chongqing Municipal Committee is expected to shift its position. Xiao Gang, chairman of China Securities Regulatory Commission, is likely to be shifted to the vice secretary position of Chongqing City due to his responsibility for stock market crash.

In addition, Chinese leaders are expected to discuss promotion of the 'new normal' policy, which will improve China's economic level. However, there won't be party elders' non-confidence resolution toward the Communist Party leadership including Xi Jinping, Chinese president and General Secretary of the CPC Central Committee, as initially expected. This is why people forecast that this conference will strengthen the power and stature of Xi Jinping.