BEIJING - The forthcoming Third Plenary Session of the 18th Communist Party of China (CPC) Central Committee, which will set the tone for China's development and reform in the next decade, is expected to revitalize the global economic downturn and provide inspiration for the world's economic and social development.

Foreign media say the unprecedented and much-anticipated meeting, scheduled for November 9-12, will focus on comprehensively deepening reform, including economic reform and transformation of government functions.

Some media and experts say the reform could be an updated version of that launched in 1978, when the third plenum of the 11th CPC Central Committee cemented senior leader Deng Xiaoping's new direction of reform and opening up that set China on its course to massive economic transformation.

"The world's attention will focus on whether there will be what President Xi Jinping has recently called 'a master plan for reform'," the Wall Street Journal said on its website.

Reuters says the November plenum is the "culmination of a carefully planned process of deliberation on reforms."

"Historically, third plenums have turned out to be much more than run-of-the mill events," Reuters said, adding they usually led to important economic reforms and industrial growth.

This year's third plenum "will set China's economy in a positive -- and lasting -- new direction," a New York Times article said, adding "advanced economies, like the United States and the European Union (EU), depend on it as much as China does."

In fact, at a time of global depression, the United States and the EU, which are still in weak recovery, expect China to inject dynamism into the world economy, while a strong Chinese economy also helps ease the pressure on other Asian economies.

Han Jae-jin, a researcher with South Korea's Hyundai Research Institute, said further transformation of government functions, one of the key issues to be discussed at the plenum, would send positive signals to the world.

He said the reform would attract more overseas investment to China and push forward the economic advance of China's neighboring countries, even the world.

Expectations of a "spill-over effect" from China's reform are high across the world.

Doris Fischer, a professor at Warzburg University, hoped the plenum would give more space to the private sector, including overseas corporations, and pay more attention to innovation.

Do Tien Sam, director of the Institute of Chinese Studies under the Vietnam Academy of Social Sciences, said China's steady development would bring development opportunities to the region and the world.

Argentine economist Matias Carugati expected more growth space for the global economy as changes to Chinese government functions brought investment opportunities and created a better institutional environment.

China's reform also served as an inspiration for other countries. "...Certain aspects of China's cautious approach to economic reforms ... might actually prove an object lesson to other countries," said an opinion piece by Eswar Prasad on the website of Britain's Financial Times.

China's success in mutually promoting reform, development and stability has set a good example and provided valuable experience for other countries, some scholars say.

As reform becomes an irresistible trend, China will unswervingly adhere to the reform and opening up policy, which will also provide hope and opportunities for other countries.