With China's deepening reform practices, what opportunities will arise?

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Jul 17, 2024, 09:00 ET

BEIJING, July 17, 2024 /PRNewswire/ -- A news report by China.org.cn on China's deepening reform practices:

With China's deepening reform practices, what opportunities will arise?

46 years ago, at the Third Plenary Session of the 11th Central Committee of the Communist Party of China, the CPC made the historical decision of reform and opening-up, one that changed China's future once and for all, and also binds China's destiny with that of the world. Now, the Third Plenary Session of the 20th Central Committee of the CPC has convened, with "reform" still being the theme. Discussions are being held during the session about further comprehensively deepening reform and advancing Chinese modernization. This decision will not only drive the Chinese economy towards more positive development, but also inject more vitality into the global economy.

In the past decade or so, the world has seen evident progress in China's efforts of comprehensively deepening reforms.

Not long ago, China's Chang'e 6 lunar exploration mission returned to earth with a special "parcel" – the first-ever samples retrieved from the far side of the moon. Aboard the Chang'e 6 was a French scientific payload, named Detection of Outgassing RadoN (DORN), which has become a "permanent resident" now on the far side of the moon. This also marks the first successful moon-landing mission by France.

In recent years, China's innovative capacity has increasingly become an engine that drives development: It boasts nearly 5 million effective patents; its consumer electronics and new-energy products have been welcomed by the global market; achievements in areas like human spaceflight and AI have also been an eye-catcher. Via deepening system reforms in the economic and technological realms, China has expedited its pace in forming new quality productive forces led by technological innovation, which has acted as an engine for the high-quality development of the Chinese economy as well as a reviver for global technological transformation and economic recovery.

Eight years ago, a centennial-old steel plant in Serbia, the Smederevo steel plant, was on the verge of bankruptcy, putting the livelihoods of more than 5,000 employees in jeopardy. Seizing the opportunities granted by the BRI, a Chinese enterprise bought the plant in 2016, with a commitment of laying off zero employees. With the help of the Chinese company, outdated equipment was replaced by new ones, and original production techniques have been updated to new technologies featuring themes of green and efficiency. The moves have brought the "dying" plant back to life, created a revenue of more than six billion euros in eight years, while bringing about 200 direct or indirect jobs for the local community.

People are the center of China's practices in comprehensively deepening reforms. Starting from the issues that concern the people the most, China has driven reforms in key fields and innovated various professions, the country has also eradicated extreme poverty, increased employment, and improved livelihoods. Such philosophy also guides its international collaboration with other countries.

German architect Kay Feske is known as the "sausage guy" in Hainan. Nine years ago, he and his wife established a sausage brand that adopts all-German techniques. As a forerunner of China's reform and opening-up, Hainan has gradually built itself into a free-trade harbor. With the help of the local government, Feske's new factory began turning its gears in 2022. In the future, he hopes to trade his sausages all over China, even to Southeast Asian countries.

Currently, China has signed 22 FTA with 29 countries and regions; the pre-establishment national-treatment plus negative list for foreign-invested companies are in effect, and the BRI has become the most welcomed international public good… In China's endeavors of deepening reforms and advancing high level opening-up, driving the systematic opening-up of rules, regulations, management and standards has been a centerpiece, which has brought more benefits in win-win collaboration to more countries.

In the recent decade or so, China has been contributing to the global economy at a rate of about 30%, which can be considered as an important source of impetus. This meeting, the third plenary session of the 20th Central Committee of CPC, has manifested China's commitment to continue writing the chapter of deepening reforms, which will for sure generate more power for the realization of Chinese modernization, while providing new momentum for the development of the world.

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With China's deepening reform practices, what opportunities will arise?
http://www.china.org.cn/video/2024-07/17/content_117316310.htm

SOURCE China.org.cn