Acceptance of Chin Gang's Resignation Request and Dismissal from Party Central Committee Membership
The 3rd Plenary Session of the 20th Central Committee of the Communist Party of China (CPC), which determines the direction of China’s economic policy, concluded on the 18th. The statement released to state media immediately after the closing did not significantly deviate from existing development slogans such as "high-quality development" and "Chinese-style modernization."
According to Xinhua News Agency on the 18th, the 3rd Plenary Session of the CPC Central Committee was held at the Jingxi Hotel in Beijing, starting on the 15th and concluding on the 18th. The Central Committee unanimously passed the "Decision of the Party Central Committee on Deepening Comprehensive Reform and Promoting Chinese-Style Modernization." It was also reported that on the opening day, the General Secretary delivered a work report on behalf of the Central Political Bureau and explained the draft of the "Decision."
Through the statement, the Central Committee identified real estate, local government debt, and small and medium financial institutions as key risks related to the national economy. It explained, "Various measures must be implemented to prevent and resolve risks and fulfill responsibilities for safe production." It further added, "Monitoring and prevention-control measures for natural disasters must be improved," and emphasized, "Public opinion guidance should be strengthened, and ideological risks must be effectively prevented and resolved."
Most of the other content in the statement released that day was devoted to listing political slogans. As is customary, detailed content and policies will be disclosed sequentially, and a press conference on the 3rd Plenary Session’s content is scheduled for the day after the closing, on the 19th.
The Central Committee particularly reiterated previously exposed slogans such as Chinese-style modernization, high-quality economic development, and new quality development. The statement emphasized, "Chinese-style modernization has been continuously promoted during the reform and opening-up process," and stated, "Facing complex domestic and international situations, a new scientific and technological revolution and industrial transformation, and the new expectations of the people, we must consciously place reform in a more important position and deepen comprehensive reform to promote Chinese-style modernization."
It continued, "Institutional mechanisms to promote high-quality economic development through deepening comprehensive reform must be improved, including the macroeconomic governance system, integrated urban-rural development, high-level opening-up, the people’s democratic system, the socialist rule of law system with Chinese characteristics, and cultural systems." It also asserted, "The role of market mechanisms must be better utilized, a fairer and more dynamic market environment created, and resource allocation efficiency optimized," explaining, "We must achieve profit maximization and market order maintenance, restore market failures, ensure national economic circulation, and stimulate society’s endogenous strength and innovation vitality." In this regard, it also clarified the development of the public sector and encouragement of the non-public sector, emphasizing that all forms of economic entities must equally use production factors and compete fairly in the market according to the law.
The Central Committee further stated, "Qualitative development is a prerequisite for comprehensively building a socialist modern country," and insisted, "Supply-side structural reform and improvement of promotion and restraint mechanisms must be carried out." Additionally, it urged, "Development of new quality productive forces suited to local conditions, deep integration of the real economy and digital economy, improvement of service industries and infrastructure construction, and enhancement of industrial chains and supply chain resilience systems must be improved."
Moreover, it mentioned integrated urban and rural development, proactive opening to the outside world, comprehensive enforcement of the constitution and guarantee of equality, cultural innovation and creativity, protection of people’s livelihoods, and harmony with nature.
At the 3rd Plenary Session, personnel decisions were also made, including accepting the resignation request of former Foreign Minister Qin Gang and removing him from the Central Committee, as well as stripping the party membership of former Defense Minister Li Shangfu and former Rocket Force Commander Li Yuchao, who are under corruption allegations.
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