By Xu Wei
The central leadership of the Communist Party of China unveiled a sweeping plan on July 21 to deepen reform and modernise the country’s governance system and capacity, detailing major initiatives to bolster high-level opening-up and self-reliance in science and technology.
The CPC Central Committee published the full text of the Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernisation, three days after the leadership body wrapped up its reform-themed third plenary session in Beijing.
In addition to economic reforms, the resolution put forward detailed measures on developing whole-process people’s democracy, building a nation with a strong socialist culture, improving the quality of life for the general public, accelerating the pace of green transition and advancing the Peaceful China Initiative.
All tasks laid out in the resolution are to be completed by the time the People’s Republic of China celebrates its 80th anniversary in 2029.
The resolution has been set out as policymakers are trying to energise the growth of the world’s second-largest economy and better navigate domestic complexities and external challenges, including an aging Chinese population and protectionist moves by some major economies.
“As Chinese modernisation has been advanced continuously through reform and opening-up, it will surely embrace broader horizons through further reform and opening-up,” the resolution said.
The leadership body reaffirmed the country’s commitment to taking greater strides in opening-up.
The policymakers underlined measures to enhance the compatibility and alignment of rules, regulations, management practices and standards in areas such as property rights protection, industrial subsidies, environmental standards, labour protection, government procurement, e-commerce and finance.
China will provide more global public goods, expand its globally oriented network of high-standard free trade areas, establish compliance mechanisms that are aligned with prevailing international rules, and optimise the environment for opening-up and co-operation.
“We will develop new regulatory approaches for customs clearance, taxation and foreign exchange, and foster an institutional environment that is conducive to the development of new models and forms of trade,” the resolution said.
One priority for policymakers is to shore up China’s inflow of foreign investment.
“We will expand the catalog of encouraged industries for foreign investment, appropriately shorten the negative list for foreign investment … and promote wider opening with regard to telecommunications, the internet, education, culture, medical services and other sectors in a well-conceived way.”
The mechanisms for high-quality co-operation under the Belt and Road Initiative will be improved, with Beijing set to redouble efforts to develop multilateral platforms for co-operation in green development, the digital economy, artificial intelligence, energy, taxation, finance and disaster mitigation.
Another policy priority is to create an enabling environment and provide more opportunities in the reform plan for the development of nonpublic-sector enterprises.
The development of new quality productive forces is set to receive greater policy support, with stronger emphasis on the generation of new sectors, business models and growth engines.
The resolution underlined innovation in key generic technologies, cutting-edge technologies, modern engineering technologies, and disruptive technologies, calling for stronger institutional support for emerging fields and new tracks.
The nation will build and operate national data infrastructure to facilitate data sharing, and accelerate the establishment of systems for data ownership recognition, market transactions, rights distribution and interest protection. An efficient, convenient and secure mechanism for cross-border data flow will be created, the resolution said.
China will continue pushing forward the high-level opening-up of the financial sector, advance the internationalisation of the renminbi, and develop the offshore renminbi market, the resolution said, adding that eligible foreign financial institutions will be encouraged to take part in the piloting of financial services.