The Chinese Communist Party’s Central Committee will be holding its Third Plenum, a meeting that historically addresses economic matters. President Xi Jinping and the CCP are choosing a moderate response to the deflation the Chinese economy is facing. Their reaction signals a shift toward an economy focused on domestic technological innovation and high-end manufacturing.

The 1978 Third Plenum is known for announcing the market reforms of Deng Xiaoping that led China away from Mao Zedong’s planned economy. Xi’s first Third Plenum was in 2013, when he laid out a policy of market liberalization as well. While the results of these promises were diluted and mixed in practice, they also increased the role of the CCP in the state’s functioning. This year’s plenum will likely not feature anything extraordinary, but it may signal some valuable insights into Xi’s plans for China’s future.