Reform to boost high-quality development

The third plenary session of the 20th Central Committee of the Communist Party of China last month resolved to further comprehensively deepen reform to advance Chinese modernization, marking a pivotal moment in the country's economic reform, and charting the course of the country's future development and strategic direction.

The third plenary session's resolution, which outlined reform objectives to be fully achieved by 2029, in time for the People's Republic of China's 80th anniversary, said the country will reinforce the socialist market economy. And the multiple references to "structural reform" and "high-standard socialist market economy" in the resolution indicate the country remains committed to traveling this path. In particular, the resolution asserts that market-oriented reforms will continue unabated, because it is necessary for maintaining the high-quality development momentum and ensuring China's economy develops in line with its modernization goals.

The resolution underscores the fundamental role of a high-standard socialist market economy in achieving Chinese modernization. China's transition from a centrally planned economy to a dynamic socialist market economy has helped the country pursue high-quality development, invigorated market forces, and optimized the use of global resources, including capital and talents, and technologies, and allowed the market to play a decisive role in resource allocation.