A view of Beijing's CBD area Photo: VCG

TheMK sport 20th Central Committee of the Communist Party of China (CPC) adopted a resolution on further deepening reform comprehensively to advance Chinese modernization at its third plenary session held from July 15 to 18.

The plenary session made a systematic arrangement for further deepening reforms aimed at achieving high-quality development - the primary task of Chinese modernization. It reflects the principles of balancing short-term and medium-to-long-term goals, efficiency and fairness, as well as economic development and national security.

The plenary session laid out the blueprint for medium- and long-term reforms and clearly mapped out this year's economic goals. The short-term goal is to stabilize economic growth and create favorable conditions for the deepening of structural reforms. The medium- and long-term goals are to ensure the continuity of policies, providing solid support for sustained and high-quality development.

From the perspective of medium- and long-term goals, the third plenary session proposed the country complete all the reform tasks by 2029, and to finish building a high-standard socialist market economy in all respects by 2035. The implementation of this series of goals will rely on continuous efforts and policy implementation in key areas such as deepening supply-side structural reform, promoting high-quality development and building institutional mechanisms to support comprehensive innovation in China.

Regarding the short-term development goals, the plenary session emphasized the task to remain firmly committed to accomplishing the goals for this year's economic and social development, paying high attention to shoring up economic stability and economic growth at a critical time, amid the complex and rapidly evolving international environment and domestic economic transformation.

The plenary session proposed that the country strive to expand domestic demand, develop new quality productive forces in light of local conditions, move faster to foster new drivers of foreign trade growth, take solid steps toward green and low-carbon development, and do the utmost to improve people's living standards.

A high-standard socialist market economy will provide an important guarantee for Chinese modernization. The plenary session proposed the country foster a fairer and more dynamic market environment and make resource allocation as efficient and productive as possible, emphasizing the importance of fairness as a prerequisite for realizing efficiency.

In order to build a high-standard socialist market economy that balances efficiency and fairness, the plenum once again emphasized the establishment of a unified national market as an important measure. 

Against the backdrop of increasingly complex geopolitical conditions and international trade conditions, the Chinese economy is facing some challenges. Therefore, balancing development and security was one of the key themes of the plenary session. 

As to undercurrents in the world against globalization as well as the rise of trade protectionism, or restructuring of global supply chains, the plenary session proposed a strategy of expanding opening-up and deepening international cooperation - to steadily expand institutional opening-up, deepen the structural reform of foreign trade, and further reform management systems for inbound and outbound investment.

The author is an associate research fellow with Peking University HSBC Business School (PHBS). [email protected]