As a Chinese saying goes, “Reaching the limit leads to change; change leads to solution; solution leads to development”. Faced with changes, Chinese people are always adaptive.
After over four decades of reform and opening up, China has overcome the ‘limits’ of poverty but also encountered problems after rapid development, such as the real estate industry slowdown, business difficulties, unstable income of workers, etc. With the increasing complexity of issues in hand, how should China seek changes? Reform is the best solution.
Last month, the Communist Party of China held the Third Plenary Session of its 20th Central Committee, which put forward the overall objectives of further deepening reform comprehensively.
In the ‘Resolution of CPC Central Committee on further deepening reform comprehensively to advance Chinese modernisation’, adopted by the Plenum, the most eye-catching word “reform” appeared 145 times, which speaks loudly for China’s determination and confidence. The reforms proposed by the Plenum have the three following highlights.
First, the reforms will be comprehensive and systematic.
China’s reform is a comprehensive and profound social transformation, covering various fields including economy, politics, culture, society, ecology, national security, national defence, etc.
In particular, the current reform has entered a more difficult stage, which focuses on the deep-rooted problems regarding institutions and mechanisms. And to push forward the reforms and to adjust the alignment of interests is often a systemic project. Therefore, this Plenum has forwarded more than 60 reform plans for mechanism and institution reforms, which embody over 300 specific reform measures, with an emphasis on system integration, coordinated development of economy, society, politics, enhanced synergy and effectiveness.
Second, the reforms will focus on high-quality development.
High-quality development is the primary task of China’s economic development in the current stage. The Plenum emphasises promoting high-quality economic development through “new quality productivity forces” and “all-around innovation”. It also proposes the strengthening of the institutional supply in new areas and arenas.
Taking the initiative to shape the development of new drivers and new advantages, we will establish a future industrial investment growth mechanism, optimise and upgrade traditional industries by improving national standards, deepen the integration of the real economy and digital economy, build a mechanism to support comprehensive innovation and coordinate the reform of the education, science and technology talent systems.
China remains firm in pursuing an independent foreign policy of peace- Peng Yiyun
Third, the reforms will aim at systematic high-level opening-up.
We will promote alignment with high-standard international economic and trade rules and harmonise rules, regulations, management and standards relating to property rights protection, industrial subsidies, environmental standards, labour protection, government procurement, e-commerce, the financial sector and other areas in an effort to create an institutional environment that is transparent, stable and predictable.
We will seize the initiative by putting in place more unilateral opening-up measures, removing barriers to market access and promoting wider opening with regard to education, culture, medical services as well as new sectors including AI technology, digital economy and green economy.
To enrich our international win-win cooperation, we will continue to implement the Belt and Road Science, Technology and Innovation Cooperation Action Plan and redouble efforts to develop multilateral platforms for cooperation in green development, the digital economy, artificial intelligence, energy, taxation, finance and disaster mitigation, among others.
A peaceful and secure international environment is indispensable for high-level opening up and high-quality development. That is why the Plenum solemnly reiterated that China remains firm in pursuing an independent foreign policy of peace and is dedicated to promoting a human community with a shared future.
Many domestic and foreign media and commentators speak highly of the Plenary session, saying that reform initiatives will further stimulate China’s national and social vitality by enabling China’s economy to continue its high-quality development and bringing more stability and new vitality to global economic growth.
The global business community remains optimistic about China’s economic outlook, with new foreign enterprises in China growing by 14.2 per cent so far this year. The IMF has also raised its forecast for China’s economic growth rate in 2024.
In this context, European countries, including Malta, are welcome to share China’s development opportunities by tapping into the Chinese market and working together with China for common development.
Peng Yijun is Chargé d’Affaires of the Embassy of the People’s Republic of China.