The unveiling of a landmark reform resolution by the Communist Party of China Central Committee in July signals a significant move in China’s trajectory toward modernization, progress and global integration. This comprehensive set of reforms, meticulously crafted and adopted at the third plenary session of the 20th Central Committee of the Communist Party of China, reflects the country’s unwavering commitment to reform and opening-up that contributes to human progress and global governance.
Led by General Secretary of the CPC Central Committee Xi Jinping, the document drafting group has laid out strategic plans that are based on a people-centric approach that will benefit all sections of the country. The guiding principle places significant emphasis on pursuing national rejuvenation and Chinese modernization. A distinctive feature of Chinese policymaking is the development of socialism with Chinese characteristics. This approach is unique due to its integration of profound philosophical aspects, particularly those referring to Confucianism.
The resolution, titled Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization, outlines a road map for China’s reform and development up to 2029 and beyond.
Ambitious goals set by the resolution are set to culminate in the realization of socialist modernization by the mid-21st century, laying a solid foundation for building a great modern socialist country in a more holistic, systematic and coherent manner.
The resolution is a guiding principle for further deepening reform comprehensively in 60 listed main aspects, giving prominence to key areas, and focusing on major reform measures that are significant to Chinese modernization, well-rounded development and common prosperity for all.
The resolution emphasizes several core objectives, including the importance of deepening supply-side structural reform.
The resolution emphasizes several core objectives, including the importance of deepening supply-side structural reform. This involves improving incentive and constraint mechanisms to promote high-quality development, creating new drivers and strengths for growth, and fostering the integration of the real economy with the digital economy.
China aims to transition from rapid growth driven by investment and exports to more sustainable growth driven by innovation and consumption, and to create a more balanced and resilient economy. The focus on integrating the real economy with the digital economy is particularly note-worthy. As China continues to advance in areas such as artificial intelligence, big data and 5G, the digital economy is poised to become a significant driver of growth. This integration will enhance productivity, spur innovation and transformation, and create new business opportunities, positioning China as a global leader in digital transformation.
A significant emphasis is placed on enhancing the resilience and security of industrial and supply chains, which includes modernizing infrastructure, fostering new quality productive forces, and modernizing China’s governance system and capacity. This includes improving regulations and institutions to attract and utilize foreign investment, particularly in high-tech manufacturing and services. China’s dedication to inclusive economic globalization and global development reaffirms China’s commitment to the Belt and Road Science, Technology and Innovation Cooperation Action Plan and efforts to develop multilateral platforms for cooperation.
It is certain that successful implementation of reforms listed in the resolution will provide more opportunities for the rest of the world.
China’s commitment to improving regulations and institutions for attracting foreign investment is likely to bolster investor confidence. China aims at attracting high-quality foreign investment that can contribute to its technological advancement and economic modernization, with full focus on providing a more stable and sustainable business environment for investments. This, in turn, will strengthen China’s role in global trade and investment networks.
The resolution’s emphasis on inclusive economic globalization and global development underscores China’s intention to play a more active role in international affairs. The country will continue to build a multidimensional network to connect the nations along the Belt and Road and develop multilateral platforms for cooperation. China seeks to foster global connectivity and shared development, which align with China’s vision of building a community with a shared future for mankind and promoting peace, development and cooperation on a global level.
The opportunities presented by these reforms are immense. China has achieved sustainable and inclusive growth, enhanced its global competitiveness, and contributed to global economic stability and development. The resolution’s focus on innovation, digitalization and high-quality development positions China to lead in emerging industries and technologies, shaping the future of the global economy.
The historic landmark reform resolution represents not only a bold and strategic vision for China’s future but also holds importance for world progress and development. China will continue to ascend, fulfilling its historical destiny while leading the global effort to build a community with a shared future for mankind. The CPC’s ambition for enduring greatness for the Chinese nation is not achieved at the cost of others. Instead, this ambition is a significant force driving humanity’s progress, as evidenced by China’s remarkable contributions to the world. As China continues to deepen comprehensive reforms and advance Chinese modernization, it aims to build a high-standard socialist market economy and a great modern socialist country.
The author is Executive Director of Pakistan Research Center for a Community with Shared Future (PRCCSF), Islamabad.
