CPC charts growth blueprint

The central leadership of the Communist Party of China unveiled a sweeping plan on Sunday to deepen reform and modernize 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 Modernization, 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 energize 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 modernization 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, labor 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 optimize the environment for opening-up and cooperation.

"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 cooperation under the Belt and Road Initiative will be improved, with Beijing set to redouble efforts to develop multilateral platforms for cooperation 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, including pledges to introduce a law on promoting private businesses.

Key steps will be adopted to remove barriers to market access so that private enterprises can be guaranteed fair access to competitive infrastructure sectors, while a long-term mechanism for private enterprises to participate in major national projects will be established.

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.

Policymakers stressed the need to improve policies and governance systems for strategic industries such as next-generation information technology, artificial intelligence, aerospace, renewable energy, new materials, high-end equipment, biotechnology and quantum technology.

They pledged to boost the innovative development of the platform economy — tech-driven online marketplaces and other similar operations — and enable the establishment of a routine regulatory framework for the sector.

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.

The policymakers have agreed on steps to address the fiscal challenges facing the nation's local governments, rolling out measures to increase local fiscal autonomy, expand local tax sources, and enhance the alignment of fiscal authority with financial resources at the city and county levels.

Regarding the financial sector, they highlighted the need to improve the financial regulatory system, by ensuring that all financial activities are subject to oversight under the law, and to strengthen regulatory responsibilities and accountability measures.

China will continue pushing forward the high-level opening-up of the financial sector, advance the internationalization 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.

The resolution called on the whole Party to "take pragmatic, resolute and effective steps to ensure implementation".

"The implementation of major reforms will be subject to oversight and inspection, and the litmus test of reform will lie in how well it performs, what it delivers, and how much satisfaction it brings to our people," the resolution emphasized.