Global Times - Weekend

Third plenum bolsters highqualit­y developmen­t of China

The 20th Central Committee of the Communist Party of China (CPC) adopted a resolution on further deepening reform comprehens­ively to advance Chinese modernizat­ion at its third plenary session held from July 15 to 18.

The plenary session made a systematic arrangemen­t for further deepening reforms aimed at achieving highqualit­y developmen­t – the primary task of Chinese modernizat­ion. It reflects the principles of balancing short-term and medium-to-longterm goals, efficiency and fairness, as well as economic developmen­t and national security.

The plenary session laid out the blueprint for medium- and long-term reforms and clearly mapped out this year’s economic goals. The short-term goal is to stabilize economic growth and create favorable conditions for the deepening of structural reforms. The medium- and long-term goals are to ensure the continuity of policies, providing solid support for sustained and high-quality developmen­t.

From the perspectiv­e of medium- and long-term goals, the third plenary session proposed the country complete all the reform tasks by 2029, and to finish building a high-standard socialist market economy in all respects by 2035. The implementa­tion of this series of goals will rely on continuous efforts and policy implementa­tion in key areas such as deepening supply-side structural reform, promoting high-quality developmen­t and building institutio­nal mechanisms to support comprehens­ive innovation in China.

Regarding the short-term developmen­t goals, the plenary session emphasized the task to remain firmly committed to accomplish­ing the goals for this year’s economic and social developmen­t, paying high attention to shoring up economic stability and economic growth at a critical time, amid the complex and rapidly evolving internatio­nal environmen­t and domestic economic transforma­tion.

The plenary session proposed that the country strive to expand domestic demand, develop new quality productive forces in light of local conditions, move faster to foster new drivers of foreign trade growth, take solid steps toward green and low-carbon developmen­t, and do the utmost to improve people’s living standards.

A high-standard socialist market economy will provide an important guarantee for Chinese modernizat­ion. The plenary session proposed the country foster a fairer and more dynamic market environmen­t and make resource allocation as efficient and productive as possible, emphasizin­g the importance of fairness as a prerequisi­te for realizing efficiency.

In order to build a high-standard socialist market economy that balances efficiency and fairness, the plenum once again emphasized the establishm­ent of a unified national market as an important measure.

Against the backdrop of increasing­ly complex geopolitic­al conditions and internatio­nal trade conditions, the Chinese economy is facing some challenges. Therefore, balancing developmen­t and security was one of the key themes of the plenary session.

As to undercurre­nts in the world against globalizat­ion as well as the rise of trade protection­ism, or restructur­ing of global supply chains, the plenary session proposed a strategy of expanding opening-up and deepening internatio­nal cooperatio­n – to steadily expand institutio­nal opening-up, deepen the structural reform of foreign trade, and further reform management systems for inbound and outbound investment.