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Beijing, July 17 (Xinhua) — The Third Plenary Session of the 20th Central Committee of the Communist Party of China took it as its mission to promote a new round of strategic and pioneering reforms in modernization construction, and once again demonstrated its courage to take responsibility, the determination and wisdom of the Party.
The importance of China’s reform is obvious. Over the past 40 years, reform and opening up have created a miracle of rapid economic growth and rising international prestige, laying a solid foundation for the country to achieve the great rejuvenation of the Chinese nation.
Having overcome numerous challenges and achieved tremendous success from scratch, the reform has entered the “deep water zone”.
Although the easier tasks have been accomplished, the remaining challenges remain daunting and require great political courage and wisdom to overcome. China’s reform is at a critical juncture, where it can either advance or fall behind.
In November 2013, the historic Third Plenary Session of the 18th CPC Central Committee opened a new stage of China’s reform and opening up, launching a series of historic, systematic and comprehensive reforms. Over the past decade, the country has launched more than 2,000 reform programs covering various fields such as economy, politics, culture, society, ecological civilization, party building, and national defense. These reforms have helped to establish a basic institutional framework in all sectors.
The scale and intensity of the reforms are unprecedented. These efforts have enabled China’s economy to maintain its position as the world’s second largest economy and become the main driving force for global economic growth despite challenges such as the COVID-19 pandemic and severe external pressure.
Economic reform has always been the focus of the overall reform agenda. Through important measures such as reducing the negative list for market access, implementing supply-side structural reforms, and promoting high-level opening up, the market-oriented and law-based business environment has been significantly improved.
As we all know, the direct beneficiaries of these successful reforms are the people. After eight years of hard work, about 100 million rural residents were lifted out of poverty in 2020, and absolute poverty was eliminated for the first time in Chinese history. Through the construction of new urbanization, more than 140 million rural residents have enjoyed better public services in the past decade.
China’s reform efforts have also brought benefits to the world. Initiatives such as the establishment of 22 free trade pilot zones, the Hainan Free Trade Port, the China International Import Expo, and the Belt and Road cooperation have created huge opportunities for other countries.
Despite its great achievements, China still faces bottlenecks and challenges in achieving high-quality development. Its innovation capacity is not strong enough. It is crucial to deal with financial risks, safeguard food, energy and industrial supply chains, and solve problems such as insufficient effective demand, blocked economic flows, insufficient public services, and employment pressure. Effectively solving these problems is crucial to China’s economic growth prospects and the overall trajectory of modernization.
Faced with extensive and profound changes taking place at home and abroad, comprehensive and continuous deepening of reform is the key to solving all problems and challenges.
Comprehensively deepening reform not only provides institutional guarantees for my country’s modernization drive, but also provides impetus for stable growth in the short, medium and long term. What is particularly worth looking forward to is the reform aimed at establishing a unified internal market, enhancing new high-quality productivity and achieving scientific and technological progress. The fiscal and taxation system, finance, income distribution, urban-rural integration and other fields also urgently need pragmatic reforms.
At the same time, striking the right balance in the pace of reform is critical. Rapid and bold reforms must be accompanied by supportive measures to mitigate risks and social disruption.
The spirit of reform and opening up has defined the Chinese people both historically and in the contemporary era. The Communist Party of China adheres to the correct and scientific methodology and the people-centered reform and opening-up policy. Drawing on the rich experience and solid progress of previous reforms, the Communist Party of China has the confidence and ability to lead the country to achieve new achievements in future reforms.
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