China_Intensifies_Reforms_to_Propel_Modernization_Ahead_of_2024

China Intensifies Reforms to Propel Modernization Ahead of 2024

As the world approaches 2024, China is amplifying its call to “further comprehensively deepen reform” and advance “Chinese modernization,” marking a significant milestone in the nation’s development trajectory. Building on the foundations laid during the third plenary session of the 18th Central Committee of the Communist Party of China (CPC) in 2013—which emphasized the modernization of the national governance system and capacity—the upcoming plenary session is set to focus on elevating these reforms to new heights.

On January 31, Xi Jinping, General Secretary of the CPC Central Committee, presided over a group study session where he highlighted the necessity to “further deepen reform in an all-round way” and to establish new production relations that align with emerging productive forces. Xi stressed the importance of deepening reforms in the economic system and science and technology management, aiming to eliminate bottlenecks that hinder development and to build a high-standard market system.

Emphasizing the creation of a virtuous cycle, Xi underlined the integration of education, science and technology, and talent cultivation to foster new productive forces. He also noted that China’s commitment to high-level opening-up would create a favorable business environment conducive to innovation and growth.

During a visit to Hunan Province on March 21, Xi advocated for a problem-oriented approach to further deepening reforms. He urged efforts to overcome bottlenecks that constrain the development of a new growth paradigm and the promotion of high-quality development. Addressing challenges in the development environment and people’s well-being, as well as issues impacting social fairness and justice, were highlighted as priorities. Xi emphasized the need to effectively prevent and mitigate major risks to sustain momentum in economic and social development.

On March 27, in a meeting with representatives from U.S. business, strategic, and academic communities in Beijing, Xi reaffirmed China’s unwavering commitment to reform and opening-up. He stated that “China’s reform will not pause, and its opening up will not stop,” highlighting plans to implement major steps for comprehensively deepening reform and fostering a market-oriented, law-based, and world-class business environment. This initiative aims to create broader development opportunities for foreign businesses, including those from the United States.

From April 22 to 24, during an inspection tour in Chongqing Municipality, Xi called on the region to contribute its chapter to Chinese modernization. He emphasized that “the modernization of a governance system and capacity is an integral part of Chinese modernization,” underscoring the importance of effective governance in achieving national development goals.

China’s dedication to further deepening reforms reflects a historic necessity to adapt to new challenges and opportunities. By focusing on innovation, opening-up, and addressing societal challenges, the nation aims to propel itself toward a new era of modernization and high-quality development.

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