20th CPC Central Committee to hold its third plenary session in July

BEIJING -- The third plenary session of the 20th Communist Party of China (CPC) Central Committee will be held in Beijing in July, according to a decision made at a CPC Central Committee Political Bureau meeting on April 30. According to the main agenda of the session, the Political Bureau will report its work to the Central Committee, and issues concerning further comprehensively deepening reform and advancing Chinese modernization will be studied. The Political Bureau meeting also analyzed the current economic situation and economic work, and deliberated a document on policies and measures for continuously advancing the high-quality integrated development of the Yangtze River Delta. Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.

Reform and opening up is an effective instrument for the Party and the people to make great strides in keeping up with the times in pursuing their cause, according to the meeting. The current and future periods are critical for building a strong country and realizing national rejuvenation on all fronts through a Chinese path to modernization. China's reform must continue in the face of complex international and domestic situations, a new round of scientific and technological revolution and industrial changes, and the new anticipation of the people, according to the meeting. Deepening reform is a natural requirement for upholding and improving the socialist system with Chinese characteristics and modernizing China's governance system and capacity, according to the meeting. It is also a natural requirement for implementing the new development philosophy and better adapting to the evolution of the principal contradiction facing Chinese society, and for adhering to the people-centered approach to ensure that all the people share the benefits of modernization more fully and fairly. It is a natural requirement for coping with major risks and challenges and achieving steady progress in pursuing the Party and the country's cause, for promoting the building of a community with a shared future for mankind and winning the strategic initiative in the increasingly fierce international competition. It is also a natural requirement for solving the problems unique to a large Party as ours and building a stronger Marxist party, the meeting noted. The whole Party must put reform in a more prominent position and deepen reform in all respects with a focus on promoting Chinese modernization, according to the meeting.

It was stressed at the meeting that further deepening reform in all respects requires efforts to uphold Marxism-Leninism, Mao Zedong Thought, Deng Xiaoping Theory, the Theory of Three Represents, and the Scientific Outlook on Development, fully implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and thoroughly study and implement General Secretary Xi's new ideas, viewpoints and inferences in this regard. Efforts are also needed to faithfully implement the new development philosophy on all fronts, adhere to the general principle of seeking progress while maintaining stability, and emancipate the mind, liberate and develop social productive forces, as well as unleash and enhance social vitality, the meeting noted. Efforts were noted at the meeting to take into consideration both the domestic and international situations, coordinate the promotion of the Five-Sphere Integrated Plan and the advancement of the Four-Pronged Comprehensive Strategy. Further comprehensive reform should be led by reform of the economic system, with advancing social equality and justice and improving people's wellbeing as both the starting point and the ultimate goal of China's socialist cause. More attention should be paid to system integration, addressing priorities and achieving concrete outcomes, so as to promote better alignment between production relations and productive forces, superstructure and economic foundation, as well as China's governance system and social development. This will help provide powerful driving force and institutional guarantees for Chinese modernization, according to the meeting.

It was stressed at the meeting that, since the beginning of this year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and all departments have intensified efforts to promote economic development, consolidating and enhancing the positive trend of economic recovery. Economic operation has seen a rise in positive indicators, with momentum further enhanced. As a result, public expectations have improved and high-quality development has been advanced in a steady manner. Economic development has demonstrated signs of rapid growth, optimized structure and improved quality and efficiency, achieving a good start.

It was underscored at the meeting that the ongoing positive trend of economic recovery is confronted with multiple challenges, including insufficient demand, high operation pressure facing enterprises, various hidden risks in key sectors, unsmooth domestic economic flow, as well as an external environment that is more complicated, grimmer and more uncertain. At the same time, it should be noted that the Chinese economy has a stable foundation, abundant advantages, strong resilience and great potential. A good start and sound recovery are the basic features and trends of the current economic performance. There should be more confidence in economic work.

It was stressed at the meeting that efforts should be made to earnestly implement the spirit of the Central Economic Work Conference and the annual "two sessions," adhere to the general principle of seeking progress while maintaining stability, faithfully implement the new development philosophy on all fronts, accelerate the building of a new development paradigm, strive to promote high-quality development, press ahead when situation is favorable, avoid doing too much work at the beginning and slackening efforts later on, and effectively consolidate and enhance the good trend of economic recovery.

It was noted at the meeting that it is necessary to make efforts as timely as possible to effectively implement the macro policies that have been determined, and implement a proactive fiscal policy and a prudent monetary policy. It is necessary to issue and put to good use ultra-long-term special treasury bonds as soon as possible, expedite the issuance and use of special-purpose bonds, maintain the necessary intensity of fiscal expenditure, and secure the expenditure for ensuring people's basic livelihoods, salaries of civil servants and government employees and the running of governments at the primary level. It is necessary to flexibly use policy tools such as interest rates and the required reserve ratio to increase support for the real economy and lower the overall financing cost. It is essential to do a good job in assessing the consistency of macro-policy orientation and strengthen the management of expectations. It is important to actively expand domestic demand and implement the action plan for large-scale equipment renewals and trade-ins of consumer goods. It is also imperative to create more consumption scenarios to better meet people's needs for diversified and high-quality consumption. It is essential to further advance people-centered new urbanization, and continue to tap the potential of consumption and investment. New mechanisms for cooperation between the government and private capital should be well implemented, and the vitality of private investment should be fully stimulated.

The imperative was stressed at the meeting to develop new quality productive forces according to local conditions. The layout of China's strength in strategic science and technology should be improved, emerging industries cultivated and strengthened, the development of industries for the future arranged in advance, and the transformation and upgrading of traditional industries empowered by advanced technologies. It is essential to actively develop venture capital investment and strengthen patient capital.

It was noted at the meeting that reform must be deepened and opening up expanded unswervingly, a unified national market must be built, and the systems underpinning the market economy must be improved. It is imperative to expand trade in intermediate goods, trade in services, digital trade and exports of cross-border e-commerce, support private enterprises to expand overseas markets, and intensify efforts to attract and make use of foreign investment.

It was stressed at the meeting that efforts are required to continuously prevent and defuse risks in key areas. It is essential to continue implementing city-specific policies, see that local governments, real estate enterprises and financial institutions shoulder their share of responsibilities, ensure the delivery of housing projects and safeguard the legitimate rights and interests of homebuyers. Combining the new changes of the relationship between supply and demand in the real estate market and people's new aspiration for high-quality housing, it is imperative to conduct research on policies and measures to reduce housing inventory and improve the quality of new housing in a coordinated manner. New mode for the development of the real estate sector should be fostered to boost the sector's high-quality development. It is imperative to thoroughly implement the solutions to dealing with debt risks of local governments, so as to secure not only actual debt reduction but also stable development of those provinces, cities and counties with high debt risks. It is a must to make sustained efforts to reform small and medium-sized financial institutions to mitigate risks. Multiple measures should be taken to promote the sound development of the capital market.

Steady efforts were stressed at the meeting to promote green and low-carbon development. It is necessary to conscientiously carry out the action plan to improve air quality continuously, strengthen the clean and efficient use of coal as well as the consumption and use of renewable energy sources, implement the "10 major initiatives to reach peak carbon emissions" fully and steadily, and speed up the building of a waste material recycling system.

Concrete efforts were noted at the meeting to ensure and improve people's wellbeing, prioritize employment-first policies, increase income for middle and low-income groups, and build a tightly-woven network of social security. It is imperative to consolidate and expand the achievements in poverty alleviation, and advance rural revitalization across the board. Efforts should be made to ensure workplace safety and promote infrastructure renewal and upgrade in this regard. Officials at all levels must strictly abide by political disciplines, resolutely implement the decisions and plans of the CPC Central Committee, and constantly break new ground for high-quality development.

It is noted at the meeting that the integrated development of the Yangtze River Delta is a major strategic decision made by the CPC Central Committee with Comrade Xi Jinping at its core. It is imperative to thoroughly understand the strategic intention of the CPC Central Committee in making this decision to make greater breakthroughs in promoting the integrated development of the Delta and better leverage its role as a pioneer, leader and driver of regional development.

It was stressed at the meeting that efforts must be constantly focused on integration and high quality to advance the fulfillment of key tasks in the integrated development of the Delta.

Steps should be quickened in making breakthroughs in core technologies in key fields. Efforts should be coordinated to upgrade traditional industries, expand emerging industries and foster future industries, thus building innovation chains, industrial chains, and supply chains in a wide range of areas. It is imperative to expedite the efforts in improving institutions and mechanisms to break administrative barriers and enhance policy coordination so as to promote integration in a wider range of areas and greater depth. It is important to take the lead in aligning with high-standard international economic and trade rules, vigorously promote high-level coordinated opening up, and create new strengths of a higher-standard inclusive economy. It is also important to be prepared to deal with worst-case scenarios, ensure both development and security, and strengthen joint protection and governance of the ecological environment as well as regional cooperation in green development. The Central Leading Group for Coordinated Regional Development should strengthen its coordination, and relevant departments should provide more support. Shanghai should play its leading role, and Jiangsu, Zhejiang and Anhui provinces should leverage their respective strengths so as to form synergy for continuously writing new chapters in the integrated development of the Delta.

Some other issues were also discussed at the meeting.