A SERIES of senior-level meetings will be held at the end of the crucial Communist Party Central Committee plenum next month to work out concrete measures for building up a socialist market economy, according to a report yesterday. The pro-China Ta Kung Pao quoted ''authoritative sources'' as saying five economic conferences would be convened at the same time to formulate a comprehensive set of reforms in five key areas: economic structuring, state planning, monetary system, foreign trade and finance. Convened by the State Council, the conferences will be attended by leaders from ministries, provinces, autonomous regions and municipal cities. The report said the conferences would centre on how to implement policies adopted at the Central Committee plenum, review the 16-point austerity programme, and devise plans for the introduction of reforms. The upcoming third plenum is considered a crucial session for the party Central Committee to formulate a basic legal framework for the Chinese-style market economy. Separately, a spokesman for the National People's Congress said an upcoming Standing Committee meeting would examine for the first time a draft budget law. The spokesman said the budget law would be instrumental in the ''sustained, speedy and healthy'' development of the economy. The China News Service said yesterday the lack of a legal system on the management of budget had led to abuses and draining of state funds from the banking system. The huge loss of state funds was one of the major reasons for the revamp of the fiscal structure as well as the overall austerity programme. The report said the enactment of the budget law would curb the cycle of retrenchment and relaxation by state fiats in macro-economic control programmes. In spite of communist rhetoric that the three-month-old austerity programme had ''achieved initial results'', officials and economists had conceded the economic situation remained acute because problems such as inflation and overheating could erupt at any time. Ma Hong, honorary director general of the State Council's Development Research Centre, admitted the austerity measures were merely short-term, adding comprehensive reforms in finance, taxation, investment and state-owned enterprises must be introduced inthe long run. Wu Jinglian, a senior researcher in the same centre, said China's market economy should be modelled on the capitalist economies in the Asia-Pacific region. Apparently referring to the economic systems of Asia's ''little dragons'' such as South Korea and Taiwan, Mr Wu told a symposium in Beihai that the Government played an active role in promoting the growth of the market, setting rules, improving the investment environment, assisting infant industries, and enhancing competitiveness in the international market. Mr Wu, known for his strong advocacy of the market economy, said China's ''socialist market economy'' had no substantial difference from other market economies in the world. ''It merely indicates we have a different political environment.''