China to steadfastly deepen reform, opening up

BEIJING, March 10, 2023 /PRNewswire/ -- A report from People's Daily: China will never stop its endeavors to pursue reform and opening up.

For the overall development of the Communist Party of China (CPC) and the country, the second plenary session of the 20th CPC Central Committee held recently raised specific requirements for steadfastly deepening reform and opening up.

It stressed that it is important to focus closely on the goal of building a modern socialist country in all respects, introduce a series of strategic, creative and pace-setting reform measures, strengthen the synergy in advancing reform to achieve coordination and high efficiency, and make new breakthroughs in key areas.

China has comprehensively deepened reform with tremendous political courage. It has carried out critical tasks, enhanced top-level design for reform and removed institutional obstacles in all areas.

It has pursued a more proactive strategy of opening up. It has worked to build a globally-oriented network of high-standard free trade areas and accelerated the development of pilot free trade zones and the Hainan Free Trade Port, so as to promote high-quality development of the Belt and Road Initiative.

The efforts to comprehensively deepen reform and opening up in the new era enabled China to put in place foundational institutional frameworks in all sectors, and achieve historic, systemic, and holistic transformations in many fields. The system of socialism with Chinese characteristics has become more mature and well-defined, and China's system and capacity for governance have been further modernized.

China has become a major trading partner for more than 140 countries and regions. It leads the world in the total volume of trade in goods, and it is a major destination for global investment and a leading country in outbound investment. Through these efforts, the country has advanced a broader agenda of opening up across more areas and in greater depth.

Reform and opening up is always an ongoing task and will never end. At present, profound changes unseen in a century are evolving rapidly in the world, and a new technological revolution and industrial transformation are advancing. China is facing new strategic opportunities, tasks, stages, requirements and environment.

Only by intensifying efforts to advance reform and explore new ground, remaining steadfast in expanding opening up, and working hard to remove deep-seated institutional barriers can China fully tap into the strengths of socialism with Chinese characteristics, continuously imbue its socialist modernization endeavors with fresh dynamism and vitality, and better translate its institutional strengths into effective governance.

China will uphold and improve its basic socialist economic systems, deepen mixed ownership reform of state-owned enterprises, and optimize the environment for developing private economy.

It will improve the modern corporate system with distinctive Chinese features, put in place a high-standard market system, and improve the system of macroeconomic governance.

It will also strengthen and refine modern financial regulation and reinforce the systems that safeguard financial stability.

The country will promote high-level opening up, steadily expand institutional opening up with regard to rules, regulations, management, and standards, and coordinate reforms in various fields.