Many investors hope President Xi Jinping will tackle the large structural challenges facing China, from bloated and inefficient state-owned companies to massive corporate debt overhang.

But investors don't anticipate decisive action given the myriad risks still facing the world's second largest economy, including troubled trade relations with the United States and a slide in construction activity as authorities try to take the froth out of the property market.

It's likely Mr Xi will take a cautious approach following the meeting that takes place every five years

"We expect reforms to continue, gradually, but see little appetite for steps that are economically or politically risky," said Louis Kuijs, head of Asia economics for Oxford Economics.

While Western investors are poring over possible outcomes regarding accessible capital markets, currency convertibility and the direction of monetary policy, Mark Tinker, portfolio manager of Framlington Equities Asia, argues more clarity on the Made in China 2025 and One Belt One Road initiatives will underpin any market reaction to the congress.

"Investors everywhere are already starting to take these initiatives much more seriously as thematic drivers of returns and this will only continue," he said.

One Belt One Road is a co-ordinated project that will connect China on land and sea with Europe, Africa, the Middle East and south, central and south-east Asia.

And the Made in China 2025 strategy prioritises funding for sectors that boost manufacturing innovation, including the Internet of Things, smart appliances and high-end consumer electronics.

Middle-class power

China's main goal in recent years has been to shift its growth mix from infrastructure investment to one that is more consumer-led, as the middle class continues to grow and acquire more purchasing power.

Investors expect Mr Xi's widespread crackdown on corruption and inefficiencies in state-owned companies to continue.

"Supply-side reforms played a role in this year's surprise Chinese economic rebound that boosted commodity prices and industrial profits, lifting growth back near a 7 per cent annual pace," said Richard Turnill, global chief investment strategist at BlackRock.

"Some of that one-time boost has faded. Yet supply-side reforms, coupled with tighter environmental regulations, are spreading to a wider range of industries plagued by overcapacity."

China's state-run companies dominate the country's key industries, from banking to insurance, energy, and telecoms. They retain an edge over their private rivals in investing both locally and overseas, in part thanks to easier financing.

But they also produce lower returns than private counterparts and account for the biggest proportion of the bad loans on the books of the country's banks.

Combined with a weaker US dollar, slipping bond yields, a lift in commodity prices and a worldwide pickup in global growth, Chinese key exports are set to remain well supported and the country's overall growth may soften slightly, but remain firm.

"The sequential pace of activity will moderate early next year, led by tightening credit and slowing real estate; base effects will also play a role in lowering the yearly growth in 2018," said Aninda Mitra, senior sovereign analyst, BNY Mellon Investment Management.

"However, the resilience of the service sector and 'new economy' parts of the industrial sector should limit downside risks."

Mr Xi is likely to consolidate his grip on power at the meeting and there is expected to be a dramatic turnover in top party positions.