The Communist Party of China will hold a key meeting to discuss deepening financial reforms between November 9 and November 12, a statement by the Party's Central Committee Political Bureau announced yesterday.

The Party meeting marks the third time the 200-member Central Committee has gathered since last year's leadership change.

Historically, such meetings, known as third plenums, have been a springboard for economic change in China.

The meeting "must be a new historical beginning" that comprehensively deepens reforms, said a statement by the political bureau.

The announcement was made after Politburo members held a meeting presided over by Xi Jinping, general secretary of the 18th CPC Central Committee, to study how to "comprehensively deepen reforms."

During the meeting yesterday, they listened to a report about opinions solicited within and outside the Party on a draft decision of the CPC Central Committee on major issues concerning comprehensively deepening reforms.

The draft decision will be submitted for review at the third plenary session.

Reform and opening up are a "great revolution" by the Chinese people under the CPC's leadership in the new era.

Deepening reforms requires the improvement and development of socialism with Chinese characteristics, according to the statement.

Since the third plenary session of the 11th CPC Central Committee 35 years ago, the Party has promoted reforms concerning economic, political, cultural and social systems, as well as those on ecological progress and the institutional construction of the CPC.

Opening up has continuously widened, it said.

The realization of the Chinese dream of national rejuvenation requires comprehensively deepening reforms and boosting confidence, theory and the system of socialism with Chinese characteristics, while "various malpractices in systems and mechanisms must be cleared," it said.

The plenary session will see the CPC work to speed up development of the socialist market economy, democracy, cultural development, social harmony and environmental protection.

"We should let labor, knowledge, technology, management and capital unleash their dynamism, let all sources of wealth spread and let all people enjoy more fruits of development fairly," according to the statement.

It added that the CPC's leadership must be strengthened and improved, giving full play to the Party's core role that exercises overall leadership and coordinates all efforts to ensure success of the reforms.

Party organs at all levels are urged to exercise their duty to lead reforms, improve decision-making mechanisms and raise the capacity of officials in pushing forward the reforms.

They are also pushed to encourage all Party members to contribute to the reforms.

The CPC leadership approved a regulation to fight waste and extravagance among Party and government departments, calling for strengthened supervision and harsher punishments for violators.