From June 6 to June 9, 1950, the Third Plenary Session of the Seventh Central Committee of the Communist Party of China was held in Beijing. It was the first meeting of the CPC Central Committee after the establishment of New China. A series of guiding principles were adopted at the meeting, including the one of "not hitting out in all directions." The meeting set the goal of the national economy recovery period as "striving for a basic turn for the better" of the economic and financial situation, thus playing a vital role in the nation's efforts to overcome economic difficulties, recover and develop the national economy and consolidate people's democratic dictatorship.

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