As far as punchy titles go, the third plenary session of the 18th Central Committee of the Communist party of China is wanting. The statements produced by the plenum are likely to be similarly dense, full of references to perfecting the country’s socialist market economy and homage to theories such as the “three represents”.

But bloated phrasing has not been an obstacle to far-reaching economic policy changes in China over the past 35 years. Expectations are running high that the forthcoming meeting – held in Beijing from November 9 to 12 – will kick-start reform. While lofty expectations are likely to be disappointed, it does not mean the third plenum will be a non-event.

This is the first real opportunity for President Xi Jinping to flesh out his economic vision for the country after a year at the helm of the Communist party. Previous third plenums have been pivotal. Deng Xiaoping used the 1978 plenum to consolidate China’s post-Mao agricultural reforms. Jiang Zemin, his successor, used the 1993 third plenum to lock in the market reforms that culminated in China’s accession to the World Trade Organisation.