Chinese reform advocates are hoping President Xi Jinping's proposed new economic model, expected to be the centerpiece of a key conclave next month, is an opportunity to quicken change, to spur domestic demand and tackle structural woes.

The new development model will be discussed at a meeting of the ruling Communist Party in October, where policies are expected to be built into the next five-year road map for the economy, policy insiders have said.

In May, Xi proposed a "dual circulation" strategy for the next phase of economic development, in which China will rely mainly on "domestic circulation" — an internal cycle of production, distribution and consumption.