CPC Central Committee adopts resolution on further deepening reform comprehensively

The 20th Central Committee of the Communist Party of China adopted a resolution on further deepening reform comprehensively to advance Chinese modernization at its third plenary session held here from Monday to Thursday.

The Political Bureau of the CPC Central Committee presided over the meeting. General Secretary of the CPC Central Committee Xi Jinping delivered important addresses, according to a communique released Thursday.

At the session, the Central Committee heard and discussed a report on the work of the Political Bureau, presented by Xi on behalf of the Political Bureau, and considered and adopted the Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization. Xi delivered explanatory remarks on the draft version of the resolution.

The overall objectives of further deepening reform comprehensively are to continue improving and developing the system of socialism with Chinese characteristics and modernize China’s system and capacity for governance, according to the communique.

“By 2035, we will have finished building a high-standard socialist market economy in all respects, further improved the system of socialism with Chinese characteristics, generally modernized our system and capacity for governance, and basically realized socialist modernization,” it said.

All of this will lay a solid foundation for building China into a great modern socialist country in all respects by the middle of this century, it noted.

The reform tasks laid out in the resolution shall be completed by the time the People’s Republic of China celebrates its 80th founding anniversary in 2029, said the communique.

The Central Committee made systematic plans for further deepening reform comprehensively, it added.

In building a high-standard socialist market economy, the role of the market must be better leveraged, with a fairer and more dynamic market environment to be fostered and resource allocation to be made as efficient and productive as possible. Restrictions on the market will be lifted while effective regulation will be ensured to better maintain order in the market and remedy market failures, said the communique.

In promoting high-quality development, the communique urged deepening supply-side structural reform, improving incentive and constraint mechanisms for promoting high-quality development, and creating new drivers and strengths for realizing growth.

“We will improve the institutions and mechanisms for fostering new quality productive forces in line with local conditions, for promoting full integration between the real economy and the digital economy, for developing the service sector, for modernizing infrastructure, and for enhancing the resilience and security of industrial and supply chains,” it stated. (Article from China Daily)

Caption: The third plenary session of the 20th Communist Party of China (CPC) Central Committee is presided over by the Political Bureau of the CPC Central Committee in Beijing, capital of China. The plenary session was held from July 15 to 18, 2024