Recently, the Filipinos witnessed the President’s State of the Nation Address. In China, the Third Plenary Session of the 20th Central Committee of the Communist Party of China was concluded in July 18. Every “third plenary session” during the past decades has taken reform and opening-up to new heights in China. This year, this session once again attracted global attention.
The most important outcome of the meeting was the adoption of its Resolution, a blueprint for further deepening reform to advance Chinese modernization comprehensively. It will play an overarching and guiding role in further deepening comprehensive reform, give prominence to key areas, and focus on major reform measures that are of strategic significance to Chinese modernization.
To ensure future reform measures are more targeted and problem-oriented, the Resolution drafting group conducted extensive research into 38 key subjects that involved 55 central departments and relevant agencies, and formed 78 research since last year. It also dispatched 16 teams to various regions and departments to conduct research. The exclusive interview reports featuring opinions from Party and country leaders, as well as provincial and ministerial-level officials, were reviewed by President Xi Jinping. President Xi also chaired symposiums and meetings to gather input from party members, non-CPC individuals, scholars and representatives from state-owned enterprises, private companies and foreign firms. By May 30, nearly 2,000 suggestions from various regions, departments and parties had been collected. A total of 221 revisions were made.
On the morning of July 18, the revised version was submitted to the plenum to solicit opinions. After two more revisions, the draft resolution was finalized. The resolution, which outlines the strategic plans to further deepen comprehensive reform, will be translated into mighty forces and unlock three categories of opportunities.
First, market opportunities generated by deepening reform. It is estimated that every one percent increase in China’s urbanization can generate approximately $140 billion of new investment and $28 billion of consumer spending. Additionally, each 1% increase in the middle-income group will drive up consumer spending by over $150 billion. A unified national market, new urbanization, and more coordinated regional development will unleash greater potential for domestic demand.
Second, growth opportunities from all-out innovation. The first half of 2024 has seen the Chinese economy doing better in speed and quality. GDP grew by 5 % year on year, investment in high-tech sectors, up by 10.6 %. The country is bolstering education, upskilling its workforce and promoting innovation. It is enhancing the performance of the innovation system, pooling advanced production factors to boost new quality productive forces, integrating real and digital economies, building up mechanisms for low-carbon and green development, and boosting innovation in the cultural sector as well.
Third, cooperation opportunities from high-level opening-up. China takes opening-up as a catalyst for reform and growth. Its overall tariff level has been reduced close to that of developed WTO members. China has cut the negative list for foreign investment from 93 to 31 items. China’s annual imports of goods and services amount to $2.5 trillion. In the first half of the year, new foreign enterprises in China increased by 14.2% year on year. Many CEOs from famous foreign companies visited China to feel the country’s pace of opening-up.
China’s all-round modernization endeavor will bring new opportunities to people from all countries. An open China will continue to contribute much-needed stability and certainty to a turbulent world.
Recently, at China’s invitation, senior representatives of 14 Palestinian factions held reconciliation talks in Beijing. The Palestinian factions signed the Beijing declaration on ending division and strengthening Palestinian national unity, which brings precious hope for the Palestinian people who have suffered for too long. The world community reacted well to this. We also noted, in July Ukrainian Foreign Minister Dmytro Kuleba visited China and expressed high appreciation for China’s active and constructive role in promoting peace and upholding the international order.
Unity or division, openness or isolation, cooperation or confrontation, what should a country choose? Confrontation and conflict could be a catastrophe for us all. Blaming others or seeking confrontation won’t solve one’s own problems or address global challenges.
Reform and opening-up has been a forward journey of China and the world. China remains firm in pursuing an independent foreign policy of peace, heading towards greater development through reform and opening-up.
The world is a community with shared future for mankind. More countries and peoples have come to realize that we, humanity, are in it together come rain or shine. The future of the global village lies in our own hands. As a great and open ancient civilization, China has been and will continue be a champion of world peace, a contributor to global prosperity and a defender of international order.