According to Xinhua news agency, China has now put a firm date on its next major political gathering.The fifth plenary session of the 20th Central Committee will reportedly run from 26 to 29 October in Beijing. The agenda is expected to centre again on strengthening self-governance, but I'd still expect markets to pay close attention to the economic signals coming out of the meeting.That is especially relevant given the timing and the broader backdrop.China president Xi is set to meet with US president Trump this week, with trade, AI, critical minerals and supply chains all expected to feature in discussions. Expectations appear geared more toward extending the current trade truce than delivering some sweeping new agreement.If the summit keeps US-China tensions relatively contained, Beijing can head into the plenum with the external backdrop looking somewhat more manageable.Against that backdrop, I’d be watching what comes next on domestic demand, fiscal support, and mentions on local government debt. Beijing has so far managed to avoid another major round of monetary easing but the pressure hasn't disappeared, with domestic consumption still relatively soft and the prolonged property downturn continuing to weigh on local government finances.That being said, the October meeting is important but not for one big policy announcement, and more for the direction it sets instead.Typically, Beijing tends to only provide high-level announcements and not any detailed steps on what it will do to improve the above issues. I would expect that to be the same next month too. But the idea here is that they will want to use it as a platform to reaffirm their message and communication to the public and also to markets.For Chinese equities and the yuan, stronger language on supporting consumption or stabilising growth would be constructive. As for commodities, the question is whether Beijing signals enough domestic stimulus to materially lift demand. But overall, expect any direct boost to markets to be minimal if policymakers retain their usual high-level communique for the most part.In looking to the next month for China, there's two parts to it now.The Trump-Xi summit will help shape the external backdrop. After which, the fifth plenum will then offer markets a clearer look at how Beijing intends to manage the pressures at home. This article was written by Justin Low at investinglive.com.