FxWirePro: Mark your calendars for China Communist Party congress on October 18th

According to Xinhua news agency, which is the official mouth piece of Chinese Communist Party, the Party’s 19th Congress would convene on October 18th that will mark the end of Chinese President Xi Jinping’s first five-year term and will commence the beginning of the second. His second term as state president will then be rubber-stamped by China’s parliament at its annual session in March 2018. Party congresses are held only once every five years. Mr. Xi took over the party leadership from his predecessor, Hu Jintao, at the 18th party congress in November 2012 and has since emerged as China’s most powerful leader in decades.

The Party congress lasts about a week and is attended by all and most powerful as well as influential members of the Politburo Standing Committee. Mr. Xi is expected to unveil a new leadership team for the next five years of his ruling.

The party congress is vital to keep a tab on as many important decisions over the course of the country including five-year targets are set then.