Chinese President Xi Jinping held talks with President of the Democratic Republic of Timor-Leste Jose Ramos-Horta on Monday, saying that China's comprehensive deepening of reforms will provide new impetus and opportunities for global economic development and bilateral cooperation.
Noting that the third plenary session of the 20th Communist Party of China Central Committee was held successfully two weeks ago, Xi said China will further comprehensively deepen reform and promote high-quality development and high-level opening up, which will provide new impetus and new opportunities for global economic development and cooperation between China and Timor-Leste.
China is ready to work with Timor-Leste to take the two countries' comprehensive strategic partnership to a new level and bring more benefits to the two peoples, he said.
Ramos-Horta arrived in Beijing on Sunday for a state visit to China that will last till Wednesday, which is his first visit since he took office in 2022 and the first state visit to China by a Timor-Leste president since the two countries established diplomatic relations in 2002.
Xi emphasized that China is ready to work with Timor-Leste toward long-term and stable development of bilateral relations by firmly supporting each other to build a higher level of bilateral relations, adhering to mutual benefit and win-win situations to carry out higher-quality practical cooperation, and promoting a higher level of multilateral collaboration.
Chen Hong, executive director of the Asia Pacific Studies Center at East China Normal University, said on the basis of such cooperation, the two parties can make use of their respective strengths.
Ramos-Horta thanked China for its long-term and valuable support for Timor-Leste's economic and social development and its response to the COVID-19 pandemic. Timor-Leste hopes to further consolidate and develop its comprehensive strategic partnership with China, strengthen cooperation in areas such as food security and infrastructure development, so that to help Timor-Leste achieve development.
Timor-Leste also firmly adheres to the one-China principle, believes that Taiwan is an inalienable part of China's territory, opposes "Taiwan independence" and interference by external forces, and supports China's efforts to safeguard its national sovereignty and territorial integrity.
Ramos-Horta also said that the South China Sea issue should be resolved by the countries concerned through negotiations, and Timor-Leste is willing to work with China and other countries in the region to maintain peace and stability in the South China Sea.
The two countries signed a number of bilateral cooperation documents in the fields of agriculture, green development, digital economy and air transportation.
Chen told the Global Times on Monday that China, in particular, has extensive experience in these areas, which fully demonstrates what is meant by higher-quality practical cooperation, as Ramos-Horta also acknowledged during the talks that he had visited China several times since 1976 and had witnessed the radical changes that had taken place in the country.
Chinese technology companies are showcasing their cutting-edge artificial intelligence (AI) products to the world at the Paris Olympic Games, a move that has gained wide recognition, the Global Times learned from companies on Sunday.
The participation of Chinese companies highlighted their capability to shine at the world's top sports event. It also shows that China's AI technology is bringing a new level of innovation and efficiency to the world event, Chinese experts said.
"Alibaba plays an essential role when it comes to supporting technology during the Olympic Games, greatly increasing the efficiency and sustainability of Olympic Games operations," International Olympic Committee (IOC) President Thomas Bach said during an event in Paris on Saturday. He highlighted the partnership between the IOC and Alibaba as a significant step toward embracing the digital era in sports.
Chinese AI-driven technology is providing advanced solutions for various aspects of the Paris Olympics, including real-time live commentary, 360 degree livestreaming technology, visual searches and more, the Xinhua News Agency reported. AI applications developed by Chinese tech companies such as Alibaba, SenseTime, Baidu and Lenovo have benefited athletes, coaches, referees and spectators of the world sports competition.
As the Paris 2024 Olympics is ongoing, the world is witnessing a new era of sports broadcasting, one in which Chinese AI and cloud technology are playing a crucial role.
Alibaba told the Global Times on Sunday that more than two-thirds of the live broadcast signals will be facilitated by Alibaba's cloud broadcasting services, enabling transmission from Paris to more than 200 countries and regions globally, reaching billions of viewers worldwide.
Alibaba's large language model (LLM) Tongyi Qianwen is being used in assisting the IOC's official commentators during the Games, the company said.
Moreover, Alibaba's cloud computing unit is offering an AI-infused platform to support the broadcasting of the Paris 2024 Olympics, overtaking the satellite broadcasting system adopted six decades ago as the main method of distribution, the South China Morning Post reported.
In addition to supporting the broadcast coverage, Chinese AI tools will assist athletes with analyzing their performances and will be deployed to "enhance the fairness and accuracy of judging and refereeing through the provision of precise metrics," according to the IOC.
Chinese AI company SenseTime told the Global Times that it is also working with the China men's national basketball team to offer AI-driven sports data analysis and advice on strategy during the competition.
The Chinese national diving team utilizes Baidu's LLM Wenxin Yiyan to provide accurate information in a timely manner, and even score diving movements in real time for precise quantitative analysis and guidance.
According to the Olympic Broadcasting Services, it is collaborating with Alibaba to provide a record number of multi-camera replay systems with AI-powered, high-quality reconstruction in the cloud, to create three-dimensional models and mapping of additional viewpoints across 21 sports and disciplines. This will deliver more compelling replays from more camera angles.
The innovative use of AI technology is supporting the athletes and revolutionizing the way audiences experience the event, said experts. It's enhancing the viewing experience while setting new standards for future Olympic Games and the broader application of AI in sports and beyond.
AI is being integrated into every aspect of our lives, and it has made its way to the Paris 2024 Olympics, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, said on Sunday.
Notably, the 2024 Summer Olympic Games in Paris is the first Olympic Games to implement AI technology at a significant level. In a groundbreaking initiative, the IOC launched the Olympic AI Agenda in April, setting out the envisioned impact that AI can deliver for sports. The Paris Games will witness the first examples of implementation, said the IOC on its official website.
AI can help to identify athletes and talent in every corner of the world. AI can provide more athletes with access to personalized training methods, superior sports equipment, and more individualized programs to stay fit and healthy, Bach said.
China's AI technology is expected to bring a new level of innovation and efficiency to the Paris 2024 Olympics, showcasing the country's cutting-edge capabilities in the field. The Paris Olympics serves as a platform for displaying athletic achievements and for demonstrating the power of AI innovation on the global stage, Liu Gang, chief economist at the Chinese Institute of New Generation AI Development Strategies, told the Global Times on Sunday.
Multinational companies are eagerly preparing for the seventh China International Import Expo (CIIE) as the 100-day countdown begins on Saturday. With a strong belief in the China market and its potential for growth, multinational companies will be showcasing new technologies and innovative products for the CIIE, which is scheduled to take place in Shanghai from November 5 to 10.
Many of these companies are also ramping up their investments in China, demonstrating their confidence in the country's economic prospects, experts said, adding that the moves highlight the continued interest and commitment of foreign companies in the China mar-ket, rebuking any speculation about a decline in foreign investment.
US firm 3M will showcase a range of global debut and Chinese debut products in the new-ly established new material zone at the 7th CIIE. It will also introduce a variety of innova-tive products made from recycled and sustainable materials in the consumer market.
"China is a crucial market for 3M, and we have great confidence in the country's economic development. We will continue to increase our investment in the Chinese market and ex-pand our business operations," Ding Hongyu, vice-president of 3M told the Global Times on Friday.
The company will increase investment in areas such as new-energy vehicles, consumer electronics, and sustainable development. It will also increase investment in local R&D and manufacturing, Ding said.
The 3M factory in Jinshan district, Shanghai, is currently undergoing expansion. The pro-ject is expected to be completed by the end of this year or early next year, according to Ding.
German company Henkel will showcase its sustainable solutions in the adhesive technolo-gy and consumer goods sectors at this year's CIIE.
Henkel is investing around 500 million yuan ($69 million) in the expansion of its Shang-hai Innovation Experience Center. The center is expected to be completed and operational by 2025 and will become the company's second largest adhesive technology innovation center globally.
Earlier this year, Henkel's Asian consumer goods R&D center was inaugurated in Shanghai with an investment of around 100 million yuan.
"The accelerating formation of a green and low-carbon supply chain in the Chinese mar-ket, coupled with increasing consumer focus on environmental protection, is providing a vast market and platform for sustainable innovation technologies for companies like Hen-kel," Anna An, president of Henkel for Greater China, told the Global Times on Friday.
More than 150 international businesses have signed up to attend the CIIE in Shanghai for a seventh time, having attended all previous CIIEs, organizers said on Wednesday.
From January to June, China saw a significant increase in the establishment of new for-eign-invested enterprises, with a total of 26,870 set up during this period, marking a 14.2 percent rise compared to the previous year.
The manufacturing sector emerged as a key attraction for foreign investment, with a total of 141.86 billion yuan invested in this industry, up 2.4 percentage points from last year.
Hong Kong officials and the business community have voiced their support and enthusiasm for a resolution recently adopted at the third plenary session of the 20th Communist Party of China (CPC) Central Committee, vowing to make greater efforts to give full play to the advantages of the Hong Kong Special Administrative Region (HKSAR) for promoting Chinese modernization and high-quality development.
The reform-themed meeting, also referred to as the third plenum, adopted the resolution on further deepening reform comprehensively to advance Chinese modernization.
Harnessing the institutional strengths of the One Country, Two Systems policy, we will work to consolidate and enhance Hong Kong's status as an international financial, shipping and trade center, support Hong Kong and Macao in building themselves into international hubs for high-caliber talent, and improve relevant mechanisms to see the two regions playing a greater role in China's opening to the outside world, according to the resolution adopted at the third plenum.
"People from all walks of life in the HKSAR are uplifted and have full confidence in the future of our country and the city. We should join hands to help Hong Kong nurture new quality productive forces in a bid to contribute to the country's new round of reform and seize important opportunities," Hon Sunny Tan, chairman of the Hong Kong Productivity Council, told the Global Times.
Tan said that the council will fully support the development strategies of the country and the HKSAR, contribute to the transformation and upgrade of traditional industries and the nurture of new technologies, and bring in more international resources and talent, while helping more companies in the Chinese mainland to go global.
Following the conclusion of the third plenum, Hong Kong Financial Secretary Paul Chan Mo-po began his visit to Beijing starting from Tuesday, according to a statement on the HKSAR government website.
During his meeting with Xia Baolong, head of the Hong Kong and Macao Work Office of the CPC Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Xia said that the central government is firmly committed to the implementation of the One Country, Two Systems principle, supporting Hong Kong in leveraging its own strength to implement the spirit of the third plenum, to pool together international top talent, deepen cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and play a better role in the country's opening up to the world.
The resolution pledged to support Hong Kong's development with specific measures proposed, which underlines the central government's great support for the development of the city, Yu Lingqu, director of Financial Development and SOE Research Department at the China Development Institute in Shenzhen, South China's Guangdong Province, told the Global Times on Wednesday.
"A new round of reform and opening-up will create golden opportunities for Hong Kong," Yu said.
"We should fully recognize and precisely understand the HKSAR's strategic position in China's further comprehensive reforms and seize new opportunities for new development in multiple aspects," Peter Lam, chairman of the Hong Kong Trade Development Council, told the Global Times.
Lam said that the city should give full play to the institutional advantage of the One Country, Two Systems principle to actively contribute to China's comprehensive opening-up, and build the city into an important bridgehead for the country's two-way opening-up by combing its unique advantages with the Chinese mainland's vast market, complete industrial system and strong sci-tech capacity.
Meanwhile, Hong Kong should deepen cooperation within the Guangdong-Hong Kong-Macao GBA and strengthen the docking of rules so as to tap the great mainland market, according to Lam.
The HKSAR plays a unique role in China's comprehensive reform to advance Chinese modernization, Liang Haiming, chairman of the China Silk Road iValley Research Institute, told the Global Times.
"As an international financial center, Hong Kong has a mature financial system and sweeping international network, which can provide comprehensive financial services for mainland companies' cross-border financing, merger and acquisition deals and risk management, and help them go global."
"With its rich experience and resources in international trade and shipping, Hong Kong can also provide more convenient and highly efficient international channels," Liang said.
This year, Hong Kong celebrates the 27th anniversary of its return to the motherland. Since its return to the motherland, with the firm support of the central government, the efforts of the HKSAR government, the concerted efforts of all sectors of society and the hard work of residents, Hong Kong has been riding the waves and constantly breaking new ground, creating success for the practice of the One Country, Two Systems principle.
Since Hong Kong's return to the motherland, while there have been ups and downs in our economy, the average growth rate has been about 2.6 percent per annum, higher than the average growth rate of 2.0 percent for advanced economies. In 2023, Hong Kong's per capita GDP was about $50,500, among the highest globally, according to data released by the HKSAR government.
Amid globalization, Hong Kong will continue to play its unique role and actively participate in global governance and cooperation to contribute its wisdom and strength for the building of a human community with a shared future. At the same time, by unswervingly safeguarding national sovereignty, security and development interests, the city will contribute its own strength for the great rejuvenation of the Chinese nation, Liang said.
Opening-up is a "defining feature of Chinese modernization," and the country will foster a first-rate business environment that is market-oriented, law-based, and internationalized and protect the rights and interests of foreign investors, according to a resolution on further deepening reform comprehensively to advance Chinese modernization.
Observers said these remarks send a resounding signal on China's firm commitment to opening-up, which defies certain Western countries' unilateralism moves and is set to further share the development dividends of the world's second-largest economy with foreign investors.
The resolution, which was adopted at the just-concluded third plenary session of the 20th Communist Party of China (CPC) Central Committee, describes opening-up as a "defining feature of Chinese modernization."
"We must remain committed to the basic state policy of opening to the outside world and continue to promote reform through opening-up. Leveraging the strengths of China's enormous market, we will enhance our capacity for opening-up while expanding international cooperation and develop new institutions for a higher-standard open economy,'' according to the resolution.
China will foster a first-rate business environment that is market-oriented, law-based, and internationalized and protect the rights and interests of foreign investors in accordance with the law. China will expand the catalog of encouraged industries for foreign investment, appropriately shorten the negative list for foreign investment, remove all market access restrictions in the manufacturing sector, and promote wider opening with regard to telecommunications, the internet, education, culture, medical services, and other sectors in a well-conceived way, it said.
China will further reform its institutions and mechanisms to promote foreign investment, ensure national treatment for foreign-funded enterprises in terms of access to factors of production, license application, standards setting, and government procurement, and support them in collaborating with upstream and downstream enterprises in industrial chains.
The resolution of improving the high-standard open economic system includes five key areas: steadily expanding institutional opening up, deepening the foreign trade structural reform, further reforming the management systems for inward and outward investment, optimizing the layout for regional opening up, and improving the mechanisms for high-quality cooperation under the Belt and Road Initiative.
These initiatives signal a commitment to enhancing the breadth of openness, such as attracting foreign investment, and the quality, such as enabling Chinese companies to expand overseas, to accelerate economic transformation, Bian Yongzu, executive deputy editor-in-chief of Modernization of Management magazine, told the Global Times on Sunday.
"Foreign investment plays a crucial role in China's economic development, both now and in the future. Meanwhile, they also benefited a lot from decades of China's miraculous rise. The initiatives provide foreign enterprises with greater confidence and assurance, effectively signaling that China offers abundant development opportunities and treats all investors equally," Bian said.
It also reflects China's proactive choice to expand its openness, which stands in sharp contrast to unilateralism and protectionist measures taken by Western nations, Gao Liankui, a Beijing-based economist, told the Global Times on Sunday.
It also squarely debunked certain pessimist views claiming that foreign capitals have been fleeting out of China, analysts said.
From January to June 2024, China established 26,870 new foreign-invested enterprises, up 14.2 percent year-on-year. However, the actual use of foreign capital amounted to 498.91 billion yuan ($68.63 billion), a decline of 29.1 percent from the previous year, China's Ministry of Commerce announced on July 13.
The 20th Central Committee of the Communist Party of China (CPC) adopted a resolution on further deepening reform comprehensively to advance Chinese modernization at its third plenary session, drawing up a sweeping blueprint that will guide China's reform and opening-up for years to come, according to a communique released on Thursday.
The communique was released following the completion of the third plenary session, which was held in Beijing from Monday to Thursday.
General Secretary of the CPC Central Committee Xi Jinping delivered important addresses. At the session, the Central Committee heard and discussed a report on the work of the Political Bureau, presented by Xi on behalf of the Political Bureau, according to the communique.
Amid a complex international and domestic situation, many in China and around the world have been closely following the reform-themed session, which is often referred to as the "third plenum."
Over the past four decades or so, the "third plenums" have played critical roles in China's economic miracle.
This edition of the third plenum not only reaffirmed China's unwavering commitment to reform and opening-up, but also drew a clear path for China's continuous high-quality development, which helps boost confidence both at home and abroad, experts said.
For the world, China's deepening reform and expanding opening-up will create greater opportunities amid a global economic downturn and rising economic protectionism, and China's high-quality development will help create a new type of international relations based on the principles of equality and mutual respect, foreign experts said.
Clear path
In line with decades of tradition, the third plenary session of the 20th CPC Central Committee also focused on mapping out reform and opening-up plans. Noting that the present and the near future constitute a critical period for China's endeavor to build a great country and move toward national rejuvenation on all fronts through Chinese modernization, the session further elevated the importance of reform for the country and stressed the advancing of Chinese modernization.
"Chinese modernization has been advanced continuously through reform and opening-up, and it will surely embrace broader horizons through further reform and opening-up," the communique said. "We must purposefully give more prominence to reform and further deepen reform comprehensively with a view to advancing Chinese modernization in order to better deal with the complex developments both at home and abroad."
The reform tasks laid out in the resolution covered a wide range of areas from the economy and whole-process people's democracy to ecological conservation and national security, according to the communique.
Economic reform, in particular, was a main focus. The third plenum said that China will build a high-standard socialist market economy in all respects by 2035. In building a high-standard socialist market economy, the role of the market must be better leveraged, with a fairer and more dynamic market environment to be fostered and resource allocation to be made as efficient and productive as possible.
Various reforms will also be carried out to promote high-quality development, including deepening supply-side structural reform. Institutions and mechanisms will also be improved to foster new quality productive forces in line with local conditions. Reform tasks were also laid out for macroeconomic governance and key areas such as finance and taxation.
Li Daokui, director of Tsinghua University's Academic Center for Chinese Economic Practice and Thinking, said that the third plenary session not only lays out a clear path for reform in the coming years, but also reaffirmed China's commitment to reform and opening-up.
"The communique put emphasis on both reform and opening-up and reaffirmed upholding the basic national policy of opening-up, which I believe offers further reassurance for foreign businesses and investors," Li told the Global Times on Thursday.
Describing opening-up as a "defining feature of Chinese modernization," the communique said that the Party will "steadily expand institutional opening-up, deepen foreign trade structural reform, further reform the management systems for inward and outward investment, improve planning for regional opening-up, and refine the mechanisms for high-quality cooperation under the Belt and Road Initiative."
Among the highlights of the reform tasks, Li pointed to the various reform measures to ensure and enhance the people's well-being, including improving the income distribution system and the employment-first policy, which will help address the direct concerns of the people. The reform plan for building a high-standard socialist market economy is also of great significance, as it will help create a fairer and more dynamic market environment, Li said.
Boosting confidence
The sweeping reform plan laid out by the third plenum will have profound significance for both China and the world, and will help boost confidence amid rising risks and challenges for the world as a whole, Chinese and foreign experts said.
"The reform tasks are critical in shaping China's economic development and its position on the global stage," Lian Ping, director of the China Chief Economist Forum, told the Global Times on Thursday. "The success of these reforms will directly affect whether China's economy can continue to rise in the next 10 years and beyond."
While China's economy has maintained stable growth in recent years despite a global downturn, it faces a growing set of risks and challenges, including rising economic protectionism and geopolitical tensions. The reform measures are key to tackling these challenges and ensuring China's continuous high-quality development, experts said.
"The goal of reform is to address long-standing problems and improve systems to remove hurdles for continued economic growth," Lian said.
The communique also said that the overall objectives of further deepening reform comprehensively are to continue improving and developing the system of socialism with Chinese characteristics and modernize China's system and capacity for governance.
This also reflects the effectiveness and importance of the CPC's leadership, according to Alexander Lomanov, deputy director for scientific work at the Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (Moscow).
"The CPC's ability to correctly assess the situation in the economy, proceed from the interests of the people, and defend these interests with all its strength is particularly important," Lomanov told the Global Times. "The top-level design in economic policy, which only the CPC leadership can provide, is very important."
The CPC's leadership is the source of confidence in China's economic development both in the short term and in the long run, experts said.
The third plenum not only mapped out reform tasks to ensure long-term high-quality development, but also conducted an analysis of the present situation and the tasks the Party faces, and urged firm commitment to accomplishing the goals for this year's economic and social development, according to the communique.
Li said that the content suggests that more measures will be rolled out for the second half of 2024, especially in terms of expanding domestic demand, so as to ensure that the annual growth target will be met.
"This is a very important message for the world," Li noted.
Chinese modernization and China's continued high-quality development are also of great significance for the trend of multipolarization of the world, said Lomanov.
"China's economic development creates favorable prerequisites for the creation of a new type of international relations based on the principles of equality and mutual respect, free from intimidation and pressure," Lomanov said.
The communique stressed that Chinese modernization is the modernization of peaceful development. "In foreign relations, China remains firmly committed to pursuing an independent foreign policy of peace and is dedicated to promoting a human community with a shared future," it noted.
A recent influx of Russian tourists to Sanya, South China's Hainan Province, with many sharing their travel photos and videos on social media, has led to widespread discussion among netizens. This phenomenon highlights the growing popularity and international appeal of Sanya as a major tropical tourist destination.
From January to May 2024, Sanya received 38,000 Russian tourists, making it the top source of inbound visitors and 2.6 times the total number of Russian tourists for all of 2023, according to a report from the Sanya Tourism Board sent to the Global Times on Thursday.
Many Russians posted pictures on social media to express their love for Sanya's natural beauty. "We love to sunbathe and swim in the sea while enjoying the beautiful scenery," a Russian tourist said in an interview video provided by the Sanya Tourism Board.
Outside the beach views, seeking traditional Chinese medicine (TCM) is popular among foreign tourists. Three Russian tourists visited Sanya to seek TCM treatments for their chronic pain. After two sessions, all three reported notable improvements and expressed their gratitude in a letter to the hospital, commending TCM's effectiveness the dedicated team at the Sanya Hospital of Traditional Chinese Medicine.
The Sanya city government has also made significant improvements in international tourism services.
Since March 2024, Sanya has introduced a mobile payment app to make transactions easier for international tourists in Hainan, along with the "Visit Sanya" online consultation and complaint service on overseas platforms like X and Facebook. Additionally, high-end hotels now offer multilingual menus, and major tourist attractions have added Russian and English signage to better serve visitors, Albert Yip, the director general of the Sanya Tourism Board told the Global Times on Thursday.
"There weren't that many Russian tourists six months ago. I've been seeing more and more of these foreign faces. Sometimes, when I go to malls or bars with friends, we meet young Russians who actively start conversations with us," Ye Zhuyun, a local resident, told the Global Times on Thursday.
"I'm happy and proud because the scenery and cultural atmosphere of my hometown are appreciated by people from different parts of the world. Their arrival has brought a multicultural feel to Sanya, making it more international," she added.
"The visa-free policy, the increasing flights between Sanya and Russian-speaking regions, and the tropical scenery, which contrasts sharply with high-latitude areas, are the main reasons attracting tourists from the Russian-speaking world. " Wang Jinwei, a professor at the School of Tourism Sciences at Beijing International Studies University, told the Global Times on Thursday.
"The increase in international tourists, including those from Russia, reflects the growing extent of our opening-up. Sanya serves as an excellent window for showcasing China to the world," Wang added.
Sanya's tropical coastal resources, visa-free policy, leisure sports, TCM and ethnic cultural attractions have long attracted the Russian-speaking market. Since July 2023, Sanya has opened international flights to several Russian-speaking destinations, including Almaty, Astana, Moscow and Krasnoyarsk, according to the Sanya Tourism Board.
Since September 2023, the implementation of visa-free policy between China and Russia has facilitated increased cultural and trade exchanges. Building on this, Hainan expanded this policy for citizens of 59 countries to include business, visits, family reunions, medical treatment, exhibitions, and sports events, allowing stays of up to 30 days since February 9.
The 20th Central Committee of the Communist Party of China (CPC) adopted a resolution on further deepening reform comprehensively to advance Chinese modernization at its third plenary session, drawing up a sweeping blueprint that will guide China's reform and opening-up for years to come, according to a communique released on Thursday.
The communique was released following the completion of the third plenary session, which was held in Beijing from Monday to Thursday.
General Secretary of the CPC Central Committee Xi Jinping delivered important addresses. At the session, the Central Committee heard and discussed a report on the work of the Political Bureau, presented by Xi on behalf of the Political Bureau, according to the communique.
Amid a complex international and domestic situation, many in China and around the world have been closely following the reform-themed session, which is often referred to as the "third plenum."
Over the past four decades or so, the "third plenums" have played critical roles in China's economic miracle.
This edition of the third plenum not only reaffirmed China's unwavering commitment to reform and opening-up, but also drew a clear path for China's continuous high-quality development, which helps boost confidence both at home and abroad, experts said.
For the world, China's deepening reform and expanding opening-up will create greater opportunities amid a global economic downturn and rising economic protectionism, and China's high-quality development will help create a new type of international relations based on the principles of equality and mutual respect, foreign experts said.
Clear path
In line with decades of tradition, the third plenary session of the 20th CPC Central Committee also focused on mapping out reform and opening-up plans. Noting that the present and the near future constitute a critical period for China's endeavor to build a great country and move toward national rejuvenation on all fronts through Chinese modernization, the session further elevated the importance of reform for the country and stressed the advancing of Chinese modernization.
"Chinese modernization has been advanced continuously through reform and opening-up, and it will surely embrace broader horizons through further reform and opening-up," the communique said. "We must purposefully give more prominence to reform and further deepen reform comprehensively with a view to advancing Chinese modernization in order to better deal with the complex developments both at home and abroad."
The reform tasks laid out in the resolution covered a wide range of areas from the economy and whole-process people's democracy to ecological conservation and national security, according to the communique.
Economic reform, in particular, was a main focus. The third plenum said that China will build a high-standard socialist market economy in all respects by 2035. In building a high-standard socialist market economy, the role of the market must be better leveraged, with a fairer and more dynamic market environment to be fostered and resource allocation to be made as efficient and productive as possible.
Various reforms will also be carried out to promote high-quality development, including deepening supply-side structural reform. Institutions and mechanisms will also be improved to foster new quality productive forces in line with local conditions. Reform tasks were also laid out for macroeconomic governance and key areas such as finance and taxation.
Li Daokui, director of Tsinghua University's Academic Center for Chinese Economic Practice and Thinking, said that the third plenary session not only lays out a clear path for reform in the coming years, but also reaffirmed China's commitment to reform and opening-up.
"The communique put emphasis on both reform and opening-up and reaffirmed upholding the basic national policy of opening-up, which I believe offers further reassurance for foreign businesses and investors," Li told the Global Times on Thursday.
Describing opening-up as a "defining feature of Chinese modernization," the communique said that the Party will "steadily expand institutional opening-up, deepen foreign trade structural reform, further reform the management systems for inward and outward investment, improve planning for regional opening-up, and refine the mechanisms for high-quality cooperation under the Belt and Road Initiative."
Among the highlights of the reform tasks, Li pointed to the various reform measures to ensure and enhance the people's well-being, including improving the income distribution system and the employment-first policy, which will help address the direct concerns of the people. The reform plan for building a high-standard socialist market economy is also of great significance, as it will help create a fairer and more dynamic market environment, Li said.
Boosting confidence
The sweeping reform plan laid out by the third plenum will have profound significance for both China and the world, and will help boost confidence amid rising risks and challenges for the world as a whole, Chinese and foreign experts said.
"The reform tasks are critical in shaping China's economic development and its position on the global stage," Lian Ping, director of the China Chief Economist Forum, told the Global Times on Thursday. "The success of these reforms will directly affect whether China's economy can continue to rise in the next 10 years and beyond."
While China's economy has maintained stable growth in recent years despite a global downturn, it faces a growing set of risks and challenges, including rising economic protectionism and geopolitical tensions. The reform measures are key to tackling these challenges and ensuring China's continuous high-quality development, experts said.
"The goal of reform is to address long-standing problems and improve systems to remove hurdles for continued economic growth," Lian said.
The communique also said that the overall objectives of further deepening reform comprehensively are to continue improving and developing the system of socialism with Chinese characteristics and modernize China's system and capacity for governance.
This also reflects the effectiveness and importance of the CPC's leadership, according to Alexander Lomanov, deputy director for scientific work at the Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (Moscow).
"The CPC's ability to correctly assess the situation in the economy, proceed from the interests of the people, and defend these interests with all its strength is particularly important," Lomanov told the Global Times. "The top-level design in economic policy, which only the CPC leadership can provide, is very important."
The CPC's leadership is the source of confidence in China's economic development both in the short term and in the long run, experts said.
The third plenum not only mapped out reform tasks to ensure long-term high-quality development, but also conducted an analysis of the present situation and the tasks the Party faces, and urged firm commitment to accomplishing the goals for this year's economic and social development, according to the communique.
Li said that the content suggests that more measures will be rolled out for the second half of 2024, especially in terms of expanding domestic demand, so as to ensure that the annual growth target will be met.
"This is a very important message for the world," Li noted.
Chinese modernization and China's continued high-quality development are also of great significance for the trend of multipolarization of the world, said Lomanov.
"China's economic development creates favorable prerequisites for the creation of a new type of international relations based on the principles of equality and mutual respect, free from intimidation and pressure," Lomanov said.
The communique stressed that Chinese modernization is the modernization of peaceful development. "In foreign relations, China remains firmly committed to pursuing an independent foreign policy of peace and is dedicated to promoting a human community with a shared future," it noted.
China's shipbuilding industry made significant gains in the first half of 2024, with revenue and profits rising as the country secured almost 75 percent of new global orders, demonstrating the growing momentum of Chinese manufacturing.
Rising global demand played a part, experts said, but China's technological advancements are the cornerstone of its rapid development. These achievements show the country's efforts to enhance its manufacturing capabilities and develop new quality productive forces.
Experts said that there is a potential for even further growth and increasing profitability. For this purpose, advancements in technology and achieving self-reliance in producing core components of high-value ships are essential.
Ship completions rose 18.4 percent year-on-year to 25.02 million deadweight tons (dwt), making up 55 percent of the global total in the first half, data from the Ministry of Industry and Information Technology showed.
The industry also saw an increase in order backlogs, which rose 38.6 percent to 171.55 million dwt.
China takes the lead globally in 14 out of 18 major ship types in terms of new orders, an indicator of its dominant position in the market.
The rapid progress in Chinese shipbuilding stems from multiple factors, including advances in shipbuilding technology, increased demand from the global shipping market, and the high quality and efficiency of Chinese-made vessels, Zheng Ping, chief analyst at industry news portal chineseport.cn, told the Global Times on Tuesday.
China has made significant technological breakthroughs in various shipbuilding sectors, from liquefied natural gas carriers to cruise liners. Better shipbuilding technologies and experiences in construction, coupled with process optimization and digital tools, have shortened construction cycles and improved quality, boosting competitiveness and profits, Zheng noted.
Profit growth in China's shipbuilding industry has been robust, with total profits for the first five months of the year reaching 16 billion yuan ($2.2 billion), up 187.5 percent year-on-year, the MIIT said.
The expansion of the global shipping market has also resulted in a surge of orders for China, reflecting the industry's growing potential, Li Yanqing, secretary-general of the China Association of the National Shipbuilding Industry, told China Central Television.
The thriving shipbuilding sector mirrors the rapid progress in China's manufacturing sector, particularly high-tech manufacturing. According to data from the National Bureau of Statistics, the added value of China's high-tech manufacturing rose 8.7 percent in the first half of the year, compared with overall manufacturing sector growth of 6.5 percent.
Besides, China's high-tech manufacturing sector has made a significant progress in the first half of 2024, providing vital impetus for industrial growth, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Tuesday.
China's innovation-driven development strategy, focusing on the research and development investment and advanced technologies, has continuously enhanced its independent innovation capabilities, driving product upgrades and technological progress, Wang said.
Among China's shipbuilding orders, high-tech and high-value vessels are on the rise. The country's shipyards have delivered new models of ships, including the world's largest 93,000 cubic meter ultra-large LNG carrier and a 99,000 cubic meter ultra-large ethane carrier.
China expands the number of ports that adapt the 144-hour visa-free transit policy to 37, with the three new ports including Zhengzhou Xinzheng International Airport in Central China's Henan Province, Lijiang Sanyi International Airport in Southwest China's Yunnan Province, and the Mohan railway port in Yunnan, China's National Immigration Administration announced on Monday.
