Third plenums have been pivotal in setting the direction for China’s major economic and political reforms. For this third plenum, they’re many points caught my attention most, especially with the positive changes will bring to both China and the world. Within the framework of the so-called (Third Plenary Session) held at Beijing from July 15 to 18, 2024, China’s senior leaders will have the opportunity to outline a policy framework capable of reshaping the country’s course over the next several years.
With the third plenums session of the 20th Central Committee of the Communist Party of China held today, Monday, July 15, 2024, the world is watching how the Communist Party of China will set priorities for deepening comprehensive reform, establishing a blueprint for long-term economic development, and opening a new chapter in the country’s march toward modernization. Here we find that the goal of the full session in China is to primarily discuss issues related to deepening comprehensive reform.
This was confirmed by Chinese President “Xi Jinping” during the third plenary session of the Central Committee of the ruling Communist Party of China, with President “Xi” confirming the so-called “work report” and explaining the draft decision of the Central Committee of the Communist Party on deepening comprehensive reform and promoting Chinese modernization. The third session traditionally aims to set long-term economic goals, and in this regard, Chinese President “Xi Jinping” confirmed that the Communist Party is planning “major” reforms in all aspects and fields.
The plenum of meetings of the ruling Communist Party in China in July 2024 is keen to support the ruling Communist Party for the expansion of the private sector as well as a stronger government sector, and the decisive role of the market in allocating resources within China. In addition, I believe that “CPC” leaders will take steps to remove barriers across regions, encourage innovation and green transformation, and improve income distribution, while also expecting them to attach greater importance to security, address risks in the housing and finance sectors and increase supply chain resilience. The Chinese market is likely to pay close attention to potential fiscal/tax reforms that are essential for long-term sustainability.
During the meetings of the third plenary session of the Central Committee of the ruling Communist Party of China, the leadership of the Communist Party, led by General Secretary of the Communist Party President “Xi Jinping”, suggested that China must accelerate reform and opening-up measures to address a myriad of challenges, for example doubling efforts in Openness and expanding the circle of new partners. China is now in the transition phase from quantity-based growth to high-quality development, a process that is witnessing the rise of new growth engines within China, focusing on the areas of creativity, innovation and innovation.
At the third plenary session, China pledged to improve the market mechanism and create a fairer market environment for private enterprises, greater openness was also highlighted.
The final communique of the third plenary session of the Central Committee of the Communist Party of China in July 2024 provides a general outline of priorities for the Chinese government. Technology and innovation, as well as financial and social welfare reforms, are major priorities within China.
The 20th Central Committee of the Communist Party of China adopted a decision on comprehensively promoting the deepening of reform to advance Chinese-style modernization at its third plenary session, which was held from Monday, July 15, to Thursday, July 18, 2024. During the meetings of the twentieth session of the party. The Chinese Communist Party’s Central Committee heard a report on the work of the Political Bureau, presented by President “Xi Jinping” on behalf of the Party’s Political Bureau, on promoting the deepening of reform in a comprehensive manner to advance Chinese-style modernization.
The final communique of the third plenary session of the 20 meetings of the Communist Party Central Committee said that the overall goals of comprehensively promoting the deepening of reform are to further improve and develop the system of socialism with Chinese characteristics and modernize China’s governance system and the country’s governance capacity. With the statement of the Third Plenum affirming that: “by 2035, China will have completed building a high-level socialist market economy in all aspects, advanced the improvement of the system of socialism with Chinese characteristics, modernized its governance system and governance capacity in general, and achieved socialist modernization in an essential “comprehensive way”. All of this will lay a solid foundation for building China into a great modern socialist country in all aspects by the middle of the twenty-first century.
With the final statement of the Twentieth Congress of the Central Committee of the Communist Party of China affirming that the reform tasks stipulated in the final decision of the meeting must be completed in conjunction with the celebration of the People’s Republic of China the eightieth anniversary of its founding in 2029. The Central Committee has developed systematic plans to continue to deepen reform in a comprehensive manner.
Here, the leadership of the Chinese Communist Party demonstrated, with regard to building a high-level socialist market economy, it was agreed upon on the importance of better demonstrating the role of the market mechanism, creating a fairer and more vibrant market environment, achieving better and more efficient allocation of resources, and liberalizing the market in a flexible manner with good control. They must maintain the market order and better handle its failures.
With regard to promoting high-quality development, the emphasis was placed on starting from the new development stage to deepen supply-side structural reform, completing the incentive and restriction mechanism to advance high-quality development, and creating new momentum and new advantages for development.
In general, the importance of the third plenary session of the meetings of the twentieth Central Committee of the ruling Communist Party in China comes from their emphasis on improving systems and mechanisms in an effort to develop modern quality productive forces in line with local conditions, promoting full integration between the real economy and the digital economy, developing the service sector, and modernizing the infrastructure and enhancing the flexibility and security of industrial and supply chains.
To support innovation in all fields, the Communist Party will promote comprehensive reform in education, structural reform in science and technology, and institutional reform of talent development.
Here, In order to improve macroeconomic governance, the final communique of the 20th Congress of the Communist Party called for continuing coordinated reforms in the budget, tax, financial and other key sectors and enhancing the coherence of macro policy direction, as well as improving the national strategic planning system and policy coordination mechanisms.
