On July 21, the Third Plenary Session of the 20th Central Committee of the Communist Party of China reviewed and approved the Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernisation. The Resolution proposes to complete the reform tasks outlined by the time of the 80th anniversary of the founding of the People’s Republic of China in 2029.
This highly anticipated Resolution consists of 15 sections and 60 articles, proposing more than 300 reform measures. The full text of the Resolution mentions the word “reform” 66 times and “establish” 59 times, touching on related systems, mechanisms and frameworks. It outlines numerous matters of national importance, covering reforms in areas such as the socialist market economy, development of state-owned and private enterprises, urban-rural integration, income and livelihood, land system, fiscal and tax system, financial system, science and technology, and industry.
Liu Yuanchun, President of Shanghai University of Finance and Economics, pointed out that the next five years leading to 2029 will be a crucial period for major power competition, a critical period for China to overcome the middle-income trap, and an important five years for China to fully achieve breakthroughs in new productive forces. It is also a crucial five years for comprehensive risk control.
