The concept of 'Third Way' has been in existence for a long time, but was revitalised in the 1980s and 1990s in the United States and Britain, forming the basis of modernisation of the Democratic and Labour parties. The advance of global markets and the knowledge economy are transforming the economic landscape across the world, generating new challenges for states to combine economic dynamism with social stability.

On 28 June 2005 the Foreign Policy Centre hosted a seminar on New Labour's Third Way philosophy of governance, and its relevance to party reform in China. This was attended by senior members of the CCP, key figures from the Prime Minister's Office, and leading academics on the Third Way and Social Democracy.

In a lively atmosphere New Labour's link between social justice and market mechanisms were discussed. Changes in Britain's social fabric, New Labours' organisational structure and electoral strategy were also examined.

The seminar forms part of FPC's high-profile programme of work on China which has included organising an unofficial summit in Beijing in May 2005 which investigated ways of strengthening the EU-China strategic partnership. Accenture is the Principal Sponsor of FPC's China project.