China To Implement Policies To Promote ‘Quality Development’ Until 2035
The new policy goals were set at the third plenary session of the 20th Central Committee of the Communist Party.
On Thursday, the Communist Party of China (CPC) pledged to place reforms in a “more prominent position” and double down on “high-quality development,” opening the country further to the rest of the world to achieve a “high-level market socialism” system by 2035.
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These objectives were among those set by the party in a communiqué released immediately after the conclusion of the third plenary session of the 20th Central Committee of the Communist Party, a quinquennial meeting that traditionally outlines the nation’s economic plans for the next five or ten years.
The initiatives outlined in that document are set to be completed by 2029, the year when the 80th anniversary of the founding of the People’s Republic of China will be celebrated.
“The current period and the future are key for comprehensively promoting the building of a strong country and the great cause of national rejuvenation with Chinese-style modernization,” the document states, calling to “lay the foundations” to “build a modern socialist power by the mid-century.”
Balancing National Security and Economic Growth
To achieve this, the main task will be to foster “high-quality development,” which involves seeking “the development of new quality productivity” or improving security levels of industrial and supply chains.
The CPC will seek to balance national security with growth, emphasizing the need to “ensure that the interaction between high-quality development and high-level security is positive.”
Chinese authorities promised to maintain the policy of national openness to the rest of the world to embrace the “advantages of its super-large market,” generating a “new momentum” for foreign trade.
While the Communist Party advocates for an “independent and peaceful” foreign policy, it also calls for maintaining “national sovereignty, security, and development interests” in its relations with the rest of the world.
Better Macroeconomic Management
In response to the slowing economic growth, the Communist Party will seek greater consistency in macroeconomic policies and deepen fiscal, tax, and financial reforms.
Additionally, there is a need to create a “fairer and more dynamic market environment” where both public and private enterprises enjoy the same opportunities and protection, “better maintaining market order and correcting its errors” to “stimulate society’s motivation and innovative vitality.”
The Chinese communists also aim to reduce the gap between rural and urban areas, improve basic public service systems, expand domestic demand, and enhance citizens’ living standards.
The CPC insisted on paying more attention to the actual results of the economic system reforms, which should be carried out under the principle of “seeking progress while maintaining stability.”
