Factbox: China’s reform agenda advances with renewed drive

BEIJING, Nov. 1 (Xinhua) — Since the third plenary session of the 20th Communist Party of China Central Committee in mid-July, China has accelerated its comprehensive reform agenda, propelling its path to advance the modernization drive.
The session adopted a key reform resolution that unveiled a comprehensive set of reforms. Through consistent policy roll-outs and implementation measures, the country is pushing ahead with reforms and driving progress on multiple fronts.
Over the past three months, the government has introduced a series of reform documents targeting key areas, including the green transition of economic and social development, the development of new quality productive forces, and enhancement of people’s wellbeing, among others.
The following highlights are some of the initiatives designed to address the country’s diverse development needs.
Economic reform, a cornerstone of this effort, has seen vigorous measures. For instance, a draft law on supporting the private sector was released for public input on Oct. 10.
The draft, which emphasizes equal treatment and protection of private sector businesses, has garnered significant attention nationwide, with the Ministry of Justice receiving over 1,000 comments and suggestions within just a few days.
In the financial sector, a guideline issued in late September aims to promote the entry of medium and long-term capital into the market, both enhancing the market’s inherent stability and steadily improving investor returns.
These efforts were reinforced by encouraging macroeconomic data, with gross domestic product (GDP) expanding 4.8 percent year on year in the first three quarters of this year, gaining a firm footing despite mounting challenges at home and abroad.
The positive momentum was further bolstered by a key meeting of the Political Bureau of the Communist Party of China Central Committee in late September, where a package of incremental policies significantly enhanced market confidence and vitality, said Sheng Laiyun, deputy head of the National Bureau of Statistics.
The focus on fostering new quality productive forces is driving reforms centered on high-end technology, high efficiency, and high-quality development.
For instance, the Ministry of Industry and Information Technology, alongside 10 other government agencies, is spearheading the coordinated development of new information infrastructure, which spans network infrastructure, computational infrastructure, and new technological facilities.
On the green transition front, a guideline on accelerating the green transformation of economic and social development has been issued, as mandated by the resolution.
To put in place the resolution’s call for a new mechanism to facilitate the transition from controlling the total amount and intensity of energy consumption to controlling the total amount and intensity of carbon emissions, the State Council released a plan in early August to outline a clear timetable and roadmap to accelerate the transition.
The reforms also focus on people’s wellbeing. Reform measures surrounding boosting employment and improving inclusive childcare services have been introduced to resolve the most practical needs of the people. ■