The 'Third Plenum' meeting, which is highly anticipated in China, is scheduled for mid-July to discuss 'deepening reform'.

• The Third Plenum, a highly anticipated meeting of China's top leaders, will take place from July 15 to 18, according to state media.
• The third plenum holds historical importance and has triggered periods of economic policy transformation in China.
• The meeting is taking place much later than anticipated. It is usually held in the fall after the twice-a-decade selection of new party leaders the previous year.

The Third Plenum, a highly anticipated meeting of China's top leaders, will take place from July 15 to 18, state media announced on Thursday.

According to Pang Ming of JLL, the successful implementation of promised policies is crucial to maintaining confidence and sustaining growth momentum, rather than simply listing policy initiatives.

The annual government meeting in December was found to have twice as many mentions of policy implementation in the readout compared to the previous year, emphasizing its significance.

The Communist Party of China held its 20th National Party Congress in October 2022 and elected new leaders. Its third plenary session will take place from July 15 to July 18, according to state media.

The plenum will discuss "comprehensively deepening reform and advancing Chinese modernization," according to English-language state media.

The third plenum holds historical importance and has triggered transformative periods in China's economic policy. For instance, in 1978, under the leadership of Deng Xiaoping, China announced its decision to initiate economic reform and open its economy to private and foreign capital.

The meeting is taking place much later than anticipated. It is usually held in the fall after the twice-a-decade selection of new party leaders the previous year.

According to Michael Pettis, a professor of finance at Peking University's Guanghua School of Management, the long delay indicates that there is no agreement among analysts on how to tackle weak domestic demand, a shrinking property market, intensifying trade tensions, and mounting debt.

Pettis predicts that the Third Plenum will suggest solutions for the housing market, local government debt restructuring or re-profiling, and weak household consumption.

"The only way to resolve the deep and intractable problems without harming the economy is through one-off increases in government debt, he stated. However, he cautioned that we should not be overly optimistic about any proposed measures that will emerge from the upcoming meeting."

— CNBC's Sonia Heng contributed to this report.