Beijing is currently hosting an important Communist Party leadership meeting, widely known as "sixth plenum," as China intensifies its anti-corruption drive.

Nearly 370 full and alternate members of the Central Committee of the party are believed to be attending the meeting. This is already the sixth since it started in 2012.

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The meetings deal with various issues while focusing on party-building and ideology, with the current meeting expected to deal with internal supervision procedures.

This plenum is also important as it is the most prominent meeting before the party congress happens late next year, as it marks the beginning of the five-yearly political reshuffle season.

It was noted as well that the gathering, that is said to boost China's continued anti-corrutpion drive, would serve as a venue for Chinese President Xi Jinping's announcement of decision on the unofficial retirement rule, which requires the people to retire past the age of 68.

Five out of the current seven members of the Politburo Standing Committee will have to step down at the 2017 congress if the rule is abided by. Politburo Standing Committee is the most powerful body of the Chinese communist party.

The international community is likely to watch this meeting with close attention. CNBC quoted Marc Desmidt, CEO at Point72 Asset Management as saying that it will be important to see "how the economy features in his priorities over the next couple of years."

Chong Jas Lan of National University of Singapore told CNBC that the meeting is relevant for signaling political dynamics.

Furthermore, he pointed out that movements in the management of state-owned companies will have an impact on the market. It is likely to show the way central authority chooses to deal with the local government debt.

Several reports have emphasized that the Xi government is committed to consistently implement anti-corruption drive initiatives in China.

TagsXi Jinping, Beijing, Sixth Plenum