By: Maarij Farooq
In a pivotal address at the third plenary session of the 20th CPC Central Committee, President Xi Jinping emphasized the critical need for comprehensive reforms to further Chinese modernization. This session, held from July 15-18, 2024, marked a significant moment in China’s socio-economic trajectory, as the Central Committee adopted a resolution to deepen reforms across various sectors.
President Xi’s speech highlighted several core areas: economic development, high-quality growth, innovation, talent development, and macroeconomic governance. The resolution sets forth ambitious goals for building a high-standard socialist market economy. By 2035, China aims to have fully realized socialist modernization, underpinned by a robust and dynamic market environment. This includes lifting market restrictions while ensuring effective regulation to maintain order and remedy failures.
The focus on supply-side structural reforms and fostering new drivers of growth underscores the importance of innovation and integration between the real and digital economies. Xi stressed the need for modernizing infrastructure and enhancing the resilience of industrial and supply chains, essential for sustained economic progress.
Xi underscored the importance of reforming education and scientific institutions to support comprehensive innovation. This includes developing mechanisms for nurturing talent, critical for maintaining China’s competitive edge in technology and other high-growth sectors. Coordinated reforms in fiscal, tax, and financial sectors are imperative to enhance macro policy orientation. Improved national strategic planning and policy coordination are necessary to sustain economic stability and growth.
Xi’s address also touched on broader themes of global significance: cultural confidence, ecological conservation, national security, and social equity. The resolution calls for boosting cultural confidence by promoting advanced socialist culture and preserving traditional Chinese values. In terms of environmental policy, the emphasis on coordinated efforts for carbon reduction and green development reflects China’s commitment to sustainable growth. Ensuring national security through robust institutions and mechanisms is crucial for maintaining long-term stability. Xi highlighted the importance of the Party’s leadership in strengthening military capabilities, essential for safeguarding China’s strategic interests.
The resolution aims to narrow urban-rural disparities by promoting equal exchanges of production factors and enhancing common prosperity. Reforms in the land system and improvement of social security mechanisms are vital for achieving balanced development. Xi reiterated the importance of upholding the Constitution and ensuring the rule of law. The resolution stresses the need for reforms that promote sound legislation and equitable justice, reinforcing the principles of socialist political advancement with Chinese characteristics.
President Xi’s speech has far-reaching implications beyond China’s borders. The emphasis on peaceful development and the promotion of a human community with a shared future align with China’s foreign policy of fostering global cooperation and mutual benefit. The resolution’s focus on high-quality Belt and Road Initiative cooperation illustrates China’s commitment to enhancing global connectivity and economic collaboration.
President Xi Jinping’s address at the third plenary session of the 20th CPC Central Committee underscores a comprehensive roadmap for China’s future. The resolution adopted marks a significant step towards achieving high-standard socialist modernization, fostering innovation, ensuring ecological sustainability, and promoting social equity. As China continues to implement these reforms, the global community can expect a more integrated and cooperative approach to addressing shared challenges and advancing mutual prosperity. This pivotal session not only sets the stage for China’s socio-economic development but also reaffirms its commitment to a shared future for humanity, driven by peaceful development and comprehensive reform.
The writer is deputy editor-in-chief of Daily Ittehad Media Group & Pakistan Economic Net.
