BEIJING, July 21,
2024 /PRNewswire/ -- Chinese officials as well as
domestic and foreign observers on Friday applauded the adoption of
a resolution on further deepening reform comprehensively to advance
Chinese modernization, highlighting China's resolve to maintain focus in pursuing
high-quality development and share opportunities with the world
through further opening-up to better empower the world economy and
development.
Observers said the reform-themed session, often referred to as
the "third plenum," will not only gather confidence to promote
China's high-quality development,
but also inject certainty and stability into a world that is
undergoing unprecedented changes.
China's institutional advantage
with the firm leadership of the Communist Party of China (CPC) Central Committee is the source of
confidence in the Chinese system and China's development, experts said, expressing
confidence that China's "economic
miracle" is set to continue.
Firm resolution
The adoption of a reform resolution is the most important
outcome of the third plenary session of the 20th CPC Central
Committee, Tang Fangyu, deputy head of the CPC Central Committee
Policy Research Office, said at a press conference on the guiding
principles from the just-concluded plenum.
The resolution, with economic structural reform as the
spearhead, comprehensively plans reforms in various fields and
aspects, Tang said, adding that the resolution puts forward more
than 300 important reform measures, all of which involve reforms on
the levels of systems, mechanisms, and institutions.
China will accelerate efforts
to build a high standard market system, which is a major reform
task for the country, Han Wenxiu, executive deputy director of the
Office of the Central Committee for Financial and Economic Affairs,
said at the same conference.
Efforts will be made to build a unified national market,
including the development of a unified urban-rural construction
land market, a nationwide integrated technology and data market,
and a unified national electricity market, he said.
It's necessary to create a sound environment and offer more
opportunities for the development of the private sector, Han
stressed. He said the authorities will improve the long-term
mechanism for private enterprises participating in national key
projects, support capable private enterprises to lead tasks in
making key technological breakthroughs and regulate administrative
checks involving private enterprises.
"The just-concluded third plenum is epoch-making, as it
strengthens development momentum and institutional guarantees on
China's journey toward realizing
the second centenary goal," Xin
Ming, a professor at the Party School of the CPC Central
Committee, told the Global Times on Friday.
Over 300 specific reform measures indicate that China's new reform will be more targeted,
pragmatic and problem-oriented, Xin said.
"Amid major changes unseen in a century, a series of forceful
reform measures released from the third plenum showcases the CPC's
precise grasp of reform direction and historical trends," Chen
Chunxing, a member of the National Committee of the Chinese
People's Political Consultative Conference and deputy president of
the Hubei Federation of Industry and Commerce, told the Global
Times on Friday.
In particular, the third plenum attaches great importance to the
development of the private economy and encourages the sector to
grow stronger, which is set to give a boost to private enterprises,
Chen said.
In mapping out China's grand
development goal and major policies, the country's leadership has
always attached great importance to opinions and suggestions from
all sectors and sought to pool their wisdom to make reform
decisions more rational and ensure effective
implementation.
According to a Xinhua News Agency report on Friday, Xi Jinping,
general secretary of the CPC Central Committee, chaired a symposium
in May to solicit views and suggestions of non-CPC personages on
the drafting of the CPC resolution on further deepening reform
comprehensively to advance Chinese modernization.
Xi also stressed that the enthusiasm, initiative and creativity
of the entire Party and nation should be fully mobilized.
Xi also chaired another symposium in Jinan, East China's Shandong Province on May 23, during which representatives including
entrepreneurs from state-owned, private and foreign-funded
enterprises put forward opinions and suggestions on deepening
reform across the board.
Observers said such intensive symposiums to fully solicit
opinions from the Party and non-CPC personages, while taking advice
from relevant government agencies, residents' expectations and
experts' suggestions in the drafting, are a vivid display of
socialist democracy.
The development of whole-process people's democracy means
ensuring the principal status of the people, inspiring the people's
motivation, initiative, and creativity, and gathering wisdom and
strength from all sides in a bid to better transform our
institutional advantage into the efficacy of the country's
governance, Shen Chunyao, director of the Legislative Affairs
Commission of the National People's Congress Standing Committee,
said at the same press conference on Friday.
Positive, warm signal
Domestic and foreign entrepreneurs and observers said that the
third plenum sends a positive and warm signal not only to
China but also the whole world,
elevating their confidence for further investment and development
in the country and injecting stability to the world amid growing
geopolitical tensions and protectionism.
"We're strongly inspired and encouraged," Yang Yuanqing,
chairman and CEO of Lenovo, told the Global Times.
A series of measures to further deepen reform comprehensively to
advance Chinese modernization will create a sound institutional
environment for the high-quality development of the economy, while
sparking the vitality of enterprises and enhancing their innovation
capacity for the accelerated development of new quality productive
forces, Yang said.
Riding a wave of the milestone meeting and the tide of
artificial intelligence, we will boost technological innovations in
a bid to become a strong force in the development of new quality
productive forces and the Chinese modernization drive, Yang
said.
Boosted by China's clarion call
for reform, Chinese stocks closed higher on Friday, with the
benchmark Shanghai Composite Index up 0.17 percent to 2,982.31
points. The Shenzhen Component Index closed 0.27 percent higher at
8,903.23 points.
While stressing efforts to boost reform, the communique released
after the third plenum describes opening-up as a "defining feature
of Chinese modernization," signifying the importance of expanding
opening-up in the new era.
In promoting high-level opening-up, China will expand unilateral opening-up to the
least-developed countries, and open to the rest of the world its
goods, service, capital and labor markets in an orderly way, Han
said.
China's reform and opening-up
has strong spillover effects, Xin said. The country's reform and
opening-up not only drives global growth but also offers a new
blueprint, path and possibility for the world to usher in a better
future, he said.
"China's reform and opening-up
over the past more than 40 years shows that many countries,
especially developing countries, have high expectations for further
reform from China. They wish to
learn from China's wisdom and
China's solution to boost their
own development," Xin said.
Saravoot Yoovidhya, Chief Executive Officer of TCP Group,
applauded the Chinese government's resolve to deepen reform and
opening-up, and the remarkable achievements the Chinese economy has
made.
"With its high-quality development featured by technology and
innovation, China now serves not
only as the 'world factory' but also as the 'global market' and
'research and development hub'. China's economy sees more vitality with the
development of new quality productive forces, empowering the global
economy, and at the same time, offering more opportunities for
foreign enterprises to develop in China," Yoovidhya told the Global Times.
He said TCP Group sees China as
one of the most significant overseas investment markets, and will
steadfastly carry out the company's long-term investment plans in
China.
Economic miracle to continue
Currently, China's economy is
maintaining an upward trend, high-quality development is advancing
in a solid manner, and main macro-economic figures are meeting
expectations, Han said at the press conference on Friday, stressing
strengthened policy adjustments and palpable reforms to boost
sustained economic recovery.
"Indeed, the country faces challenges, such as external shocks
and uncertainties, lack of effective demand and other difficulties.
However, China's institutional
advantage and the CPC's leadership will allow the country's
economic miracle to continue," Song
Ding, a research fellow from the China Development
Institute, told the Global Times on Friday.
Achieving Chinese modernization is a new long march for
China - the world's largest
developing country - and will be full of hardships and challenges,
but I'm confident we will be able to explore a Chinese path to
modernization thanks to our confidence in the path, theory, system,
and culture of socialism with Chinese characteristics, Song
said.
"China's economic confidence is
more solid than some have
imagined," Song said. Over the past 40 years of reform and
opening-up, China has made stable
progress in various aspects, with the world's most complete
industrial system and some high-tech industries leading the world,
he said.
After China reported a 5
percent GDP growth for the first half of 2024, some international
organizations and multinational banks such as IMF and Singapore-based DBS maintained their forecast
for China's economic growth this
year, underscoring that global confidence in stable growth in
China's economy has remained
unchanged.
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SOURCE Global Times