China's Communist Party Opens Fifth Plenum as Xi Delivers Work Report and State Funds Inject 128.7 Billion Yuan Into Markets

China's Communist Party convened its fifth plenum on October 26, a closed-door, four-day gathering of hundreds of top officials running through October 29. President Xi Jinping delivered a work report to the session, which state broadcaster CCTV confirmed. The meeting is widely regarded as the most important party conclave of the year.

Unlike fifth plenums that have historically focused on economic planning, this session is expected to center on party governance, ideology, and the ongoing anti-corruption campaign. It may also bring clarity on officials purged from the Central Committee and China's military leadership in recent years, and could involve personnel reshuffles ahead of next year's party congress.

Concurrently, China's state-led funds made their heaviest market intervention since the April 2025 trade-war rout, with inflows into nine exchange-traded funds associated with the national team reaching 128.7 billion yuan, roughly 19 billion dollars, last week. That compares with nearly 140 billion yuan deployed during the April 2025 selloff, as authorities moved aggressively to arrest a market freefall.