The 20th Central Committee of the Communist Party of China (CPC) concluded its third plenary session and adopted a resolution on further deepening comprehensive reform to advance Chinese modernization in Beijing on Thursday.
At the session, the Central Committee heard and discussed a report on the work of the Political Bureau. They also considered and adopted the Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization. Chinese President Xi Jingping delivered explanatory remarks on the draft version of the resolution.
The overall objectives of further deepening comprehensive reform are to continue improving and developing the system of socialism with Chinese characteristics and modernize China's system and capacity for governance, according to the communique.
In an exclusive interview with GDToday, Zoon Ahmed Khan, a Pakistani research fellow at the Center for China and Globalization (CCG) and a visiting fellow at the Belt and Road Strategy Institute at Tsinghua University, indicated that China's deepening reform is a long-term systematic project.
An aerial view of Shenzhen, south China's Guangdong Province, August 13, 2020. | Xinhua Photo
China's deepening reform is a long-term systematic project
Ms. Khan underscored that China's deepening reform is a long-term systematic project, which consists of two phases: one that started in 1978 and another that began in 2013.
"We need to go back to the third plenary session that determined the reform and opening-up policy in 1978," she noted.
She elaborated that the policy was pivotal in allowing long-term benefits for the Chinese economy and Chinese people in a regulated way, and in securing China as an investment opportunity for the world.
"It was a transformative shift, and we have seen Reform and Opening-up continue," Ms. Khan added.
According to Ms. Khan, the second phase of reform and opening-up started in 2013, when the Belt and Road Initiative was announced. China used to be a recipient of globalization and is now offering to the world. Simultaneously, China currently creates opportunities for the world at large, and China has also benefited from the world, forming a two-way process.
As for systematic reform, Ms. Khan noted that China has consistently worked on updating its governance system, which allows for capitalizing on available resources and being receptive to the evolving demographics, level of resources, and international friendship.
She elaborated that the decision-making process has to be based on a sophisticated governance system, which will study the challenges and opportunities.
According to her, the point is not only to accept potential challenges and understand potential opportunities, but also to be able to predict what will happen in the next 5-10 years.
"Reform and opening up is really that process of not only strengthening your economic capital and economic capabilities, but also modernizing at a pace," she said.
Setting the digital economy as an example, China has been receptive to this potential opportunity. The core industries of the digital economy generated some 12 trillion yuan in production, accounting for about 10 percent of China's GDP in 2023.
An unmanned aerial vehicle (UAV) carrying food package is seen at the Houhai area in Shenzhen, south China's Guangdong Province, Nov. 24, 2023. | Xinhua Photo
China will translate reform and opening-up terms into reality
According to Ms Khan, China will focus more on clarifying how the new quality productive forces and high-quality development can be translated into international cooperation, how to maintain this relationship between China and the rest of the world, and how reform and opening-up in the second phase can continue with China's domestic priorities.
According to Ms Khan, the term "new quality productive forces" proposed last year is a very Marxist concept. It implies how we can incorporate AI technologies and emerging cutting-edge technologies to improve the capacity of human resources and to continue producing as an economy and a society.
China's AI and digital economy sector has grown massively in recent years, surpassing that of any other country in the world. According to Ms Khan, the focus is on investing in emerging technologies and factors that are conducive to economic growth, while having a system that accurately explain current realities.
Green urbanization, an unimaginable concept a decade ago, has now changed drastically due to China's massive investment in this sector and its long-term commitment.
"The global demand for electric vehicles is expected to reach 48 million per year in the next few years. Who will manufacture these electric vehicles? We only see China as an appropriate candidate for that," she noted.
Additionally, she said that when the Belt and Road Initiative started, there was a perception that it would involve massive, bulky projects that may or may not yield returns.
However, there is now a focus on high-quality development. The outcomes of this initiative are not only about promoting technology transfer that is more advanced and sophisticated but also about considering the impact of these projects on the partnership.
"Overall, it relates to the people, the environment, the economy, and long-term prospects, with a holistic sense of development," she added.
Ms Khan also considered possible measures for rural revitalization, which involve resource creation.
"It was capital spending and resource allocation in a way that created opportunities and rejuvenated the economies," she noted.
She pointed out that systemic reforms are needed to further mobilize small and medium-sized enterprises to promote prosperity in some rural areas in China.
Reporter | Clonde Zhang
Poster | Mia Lai
Editor | Steven Yuan, Abby Chen, James
