The Communist Party of China (CPC) has announced that the third plenary session of its 20th Central Committee will convene in Beijing this July. This significant meeting, decided upon during a recent Political Bureau session chaired by General Secretary Xi Jinping, is set to focus on further deepening comprehensive reforms and advancing Chinese modernization.
The third plenary session is a crucial event in China’s political calendar, often used to outline major policy directions and reforms. This year’s agenda includes the Political Bureau reporting its work to the Central Committee and delving into strategies to propel the country’s development in the face of both domestic and international challenges.
Deepening Reforms and Modernization
The CPC emphasizes that reform and opening up are vital instruments for the nation’s progress. With China at a critical juncture in building a strong country and achieving national rejuvenation through a uniquely Chinese path to modernization, the Party underscores the necessity of continuing reforms amid complex global and domestic environments, rapid technological advancements, and the evolving aspirations of the people.
The meeting highlighted the importance of deepening reforms to uphold and improve the socialist system with Chinese characteristics and to modernize the country’s governance system and capacity. By focusing on liberating and developing social productive forces and enhancing social vitality, the CPC aims to ensure that all people share the benefits of modernization more fully and fairly.
Economic Strategies Amid Global Challenges
The Political Bureau analyzed the current economic situation, acknowledging a positive start for the economy this year. However, it also cautioned about challenges such as insufficient demand, pressures on enterprises, and a more complicated and uncertain external environment.
To address these issues, the meeting called for a proactive fiscal policy and a prudent monetary policy. This includes effectively utilizing ultra-long special treasury bonds, expediting the issuance and use of special-purpose bonds, and employing tools like interest rates and reserve requirement ratios to support the real economy and reduce overall financing costs.
The CPC plans to introduce measures to boost domestic demand, promote consumption, and stimulate private investment. Strategies include advancing large-scale equipment renewals, trade-ins for consumer goods, and promoting new urbanization centered on people. The Party also emphasizes cultivating emerging industries, planning for future industries, and empowering traditional industries with advanced technologies.
Promoting Regional Development
The meeting deliberated on policies for the high-quality integrated development of the Yangtze River Delta. Emphasizing integration and high quality, the CPC aims to make the region a pioneer and driver of national development. Efforts will focus on building innovation, industry, and supply chains, improving policy coordination, and enhancing collaboration among Shanghai and the provinces of Jiangsu, Zhejiang, and Anhui.
Addressing Risks and Improving Livelihoods
The CPC stressed the importance of preventing and defusing risks in key areas, including real estate and local government debt. Policies will be researched to reduce housing inventory and improve housing quality, aiming to establish a new model for the real estate sector’s high-quality development. Additionally, plans to resolve local government debt risks will be implemented to ensure stable development.
Improving people’s livelihoods remains a priority, with a focus on employment strategies, increasing incomes for middle- and low-income groups, and advancing rural revitalization. The Party also commits to advancing green and low-carbon development.
The meeting concluded with a call for the entire Party to prioritize reform and deepen it in all respects, aligning with the goal of promoting Chinese modernization and ensuring that China continues to move forward confidently on the global stage.
Reference(s):
20th CPC Central Committee to hold third plenary session in July
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