China’s Communist Party leadership has unveiled a comprehensive roadmap for reform, aiming to propel the nation towards what it terms “Chinese modernization”. The Third Plenary Session (15 July – 18 July 2024) of the 20th Central Committee, a key policy-setting meeting, adopted a wide-ranging resolution that outlines reform goals extending to 2035, touching on nearly every aspect of China’s political, economic, and social landscape. The outcomes of this plenary session are likely to have far-reaching implications for China’s domestic policies and its role on the global stage in the coming years.
At the heart of the reform agenda is the goal of building what the communique describes as a “high-standard socialist market economy.” This concept appears to blend elements of market-driven economics with state oversight, a continuation of China’s unique economic model. The leadership emphasized the need to “better leverage the role of the market” while simultaneously ensuring “effective regulation,” signalling a delicate balancing act between market forces and government control.
The communique stresses the importance of high-quality development, positioning it as the “primary task” in China’s modernization efforts. This marks a shift from previous emphases on rapid growth, reflecting the leadership’s recognition of the need for sustainable and balanced economic progress. The plan calls for deepening supply-side structural reform and creating new growth drivers, likely aimed at addressing inefficiencies in the economy and fostering innovation.
While economic reforms take center stage, the communique also outlines plans for political and governance reforms. The concept of “whole-process people’s democracy” is prominently featured, though details on how this will be implemented remain vague. The document reiterates the Party’s commitment to socialist rule of law, promising improvements in legislation, law enforcement, and judicial systems.
Notably, the communique strongly reaffirms the centrality of the Communist Party and Xi Jinping’s leadership, emphasizing the “decisive significance” of Xi’s core position. This suggests that political reforms will occur within the framework of continued one-party rule.
The resolution places significant emphasis on education, science, technology, and talent development, describing them as “basic and strategic underpinning for Chinese modernization.” This focus aligns with China’s ambitions to become a global leader in cutting-edge technologies and reduce dependence on foreign innovations.
On the international front, the communique reiterates China’s commitment to peaceful development and promotes concepts like the “Global Development Initiative” and a “human community with a shared future.” However, it also emphasizes the need to safeguard China’s sovereignty, security, and development interests, reflecting ongoing tensions in China’s foreign relations.
The document outlines plan to modernize national defense and armed forces, setting 2027 as a target for achieving the “centenary goal” of the People’s Liberation Army. This military focus, coupled with emphases on national security and risk prevention, suggests a heightened awareness of potential challenges both domestically and internationally.
While the communique presents a determined vision for reform, the true test will lie in implementation. The leadership acknowledges current challenges, including risks in real estate, local government debt, and financial institutions. The call for studying and implementing the session’s guiding principles as a “major political task” underscores the importance the Party places on this reform agenda.
This comprehensive reform agenda represents China’s roadmap for the next decade and beyond. It reflects the leadership’s vision of modernization with Chinese characteristics, blending economic liberalization with strong Party control, technological advancement with cultural confidence, and international engagement with robust national security. As China moves to implement these reforms, the world will be watching closely to see how this vision unfolds and what it means for global dynamics.