China’s ruling Communist Party, headed by President Xi Jinping, in a rare admission today spoke of the grim economic outlook in the world’s second-largest economy due to insufficient demand and an uncertain external environment. The party called for coordinating domestic, social and economic policies to obtain tangible results.

It was also announced that the much-delayed 3rd plenary session of the 20th Communist Party of China Central Committee will be held in July, to discuss measures for necessary course correction.

Plenary sessions are important events on China’s political calendar that require the attendance of all of the party’s central committee, comprising 205 members and 171 alternate members with President Xi Jinping at the helm.

The plenary session will open amid a subdued economy and a massively indebted property sector.