The high-profile third plenary session of the 20th Central Committee of the Communist Party of China drew to a successful close last week with the adoption of the Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization.

Deepening reforms on all fronts is the inevitable course to realize national rejuvenation. General Secretary Xi Jinping takes it upon himself to lead the initiative, proposing a series of groundbreaking and strategic guiding principles and reform measures that lead the way for further reform and opening-up. The session not only sounded a clarion call for deepening reforms comprehensively, but also was China’s solemn declaration of its commitment to the basic State policy of opening to the outside world and steadfastly promoting reform through opening-up. As China opens its door wider and picks up speed in its opening-up in the future, the world will become more confident in the prospects for China. Hong Kong, which shares a common future with the country, has always catered to the development needs of the country. It should seize the development opportunities of the country and leverage its own platform to introduce the spirit of the third plenary session to the international community, as well as give full play to its distinctive advantages to facilitate the country’s high-quality development.

The session took center stage as it was an important convention held at a critical period of China’s drive for modernization and national rejuvenation. The resolution that was adopted will facilitate China’s deep-level reform and high-level opening-up, which will not only open up development space for China but also provide the world with a larger market and more development opportunities. It goes without saying that the session has profound implications for Hong Kong. Given its importance, I would like to share my takeaways from the session.  

Mapping out overall objectives and a timetable for deepening reform 

The communique issued after the conclusion of the session specified that “by 2035 we will have finished building a high-standard socialist market economy in all respects” and that “the reform tasks laid out in this resolution shall be completed by the time the People’s Republic of China celebrates its 80th anniversary in 2029”. The statements not only highlight the fundamental role of a high-standard socialist market economy as one of the key features of Chinese modernization, but also demonstrate the CPC Central Committee’s determination in front of the global audience.

Looking back at national development over the past few decades, we can see that economic issues have been the focus of all third plenary sessions of the CPC Central Committee. For instance, the third plenary session of the 11th CPC Central Committee, held in 1978, decided to shift the nation’s focus to economic development. The subsequent reform and opening-up initiatives achieved a milestone in China’s development, making Chinese people more affluent as a result.

In the subsequent third plenary sessions, the Party adopted a resolution on economic restructuring and a resolution on issues concerning the improvement of the socialist market economy. Thereafter, the Party gradually established the socialist market economy and overcame various hurdles. Thanks to reform and opening-up, China has become the world’s second-largest economy, and even though the world economy is replete with uncertainties, China’s economy has made great strides. These achievements would not have been possible without the strong leadership of the CPC Central Committee, which has guided the country to develop a socialist market economy with Chinese characteristics.

The third plenary session of the 20th CPC Central Committee laid out the overall objectives and timetable for deepening reform comprehensively; it will mark another milestone in national development by building on past achievements and striving for progress.

It is not only the continuation of deepening reform comprehensively, a notable endeavor in the wake of the third plenary session of the 18th CPC Central Committee, but also a new chapter of advancing Chinese modernization in the modern era.

The proposed high-standard socialist market economy is an important guarantee for Chinese modernization and, as decided at the session, economic entities under all forms of ownership will have “equal access to factors of production in accordance with the law, compete in the market on an equal footing, and are protected by the law as equals”, thus enabling them to “complement each other and develop side by side”.

As I see it, it will require State-owned enterprises and State-owned capital to grow in strength, quality and volume, as well as to prioritize their strategic functions. Meanwhile, the government will encourage and support the development of the private sector to unleash internal dynamism and the innovative capacity of society.

Upholding fundamental principles and breaking new ground 

In his report to the 20th CPC National Congress, Xi stressed that “we are advancing a great cause that none has attempted before. Only by upholding fundamental principles can we avoid losing our bearings or making catastrophic mistakes. Only by breaking new ground can we meet the call of the day and shape the trends of our times”. Upholding the fundamental principles and persistently breaking new ground is not only the valuable experience that the CPC has gained in achieving historic feats, but also a scientific approach to further deepen reform comprehensively and advance Chinese modernization.

China is now in a critical period of rapidly promoting high-quality development, when opportunities are fleeting and challenges abound. To complete the mission of our times and live up to people’s great expectations, we must uphold fundamental principles and explore new fields while keeping our feet on the ground; this will allow us to emancipate our way of thinking, expand our perspective and let go of what holds us back in stepping up the pace of Chinese modernization.

Chinese modernization has to be carried out in line with China’s actualities and must not blindly follow in the footsteps of the West. There was a time when some people defined reform and opening-up as moving in the direction of Western “universal values” and Western political systems. To them, anything else is not reform and opening-up. In response, Xi unequivocally declared that China’s reform and opening-up has its own direction, perspectives and principles.

This is instructive for Hong Kong. Since Hong Kong’s return to the motherland, it has taken a few wrong turns in its development because little effort was made to identify a path consistent with the “one country, two systems” principle. Hong Kong has now entered a new phase of transitioning from good governance to greater prosperity, we must uphold fundamental principles and break new ground to explore a new development path consistent with the “one country, two systems” principle and Chinese modernization. We must also employ a creative mindset in approaching existing problems and emerging issues with a view to unleashing the city’s potential and dynamism.

China’s further reform offers opportunities for global community

The new third plenary session has profound implications for further deepening reforms comprehensively and formulating a blueprint for advancing Chinese modernization. It will add more certainty to the intricate global landscape, create more development opportunities, and inject new dynamics into collaborative development and the common prosperity of mankind.

The plenary session decided that opening-up is a defining feature of Chinese modernization, that the basic State policy of opening to the outside world must be adhered to, that the country must continue to promote reform through opening-up, and that it must develop new institutions for a higher-standard open economy by leveraging the strengths of its enormous market to enhance its capacity for opening-up while expanding cooperation with other countries.

To that end, the country will steadily expand institutional opening-up, deepen structural reform in external trade, further reform the management systems for inward and outward investment, improve planning for regional opening-up, and optimize the mechanisms for high-quality cooperation under the Belt and Road Initiative. 

I believe that further deepening reform comprehensively will help our country unleash more productive forces and pave the way for sustainable development. A stable Chinese market presents opportunities for international enterprises and investors, thereby strengthening China’s role as a key driver for global economic growth. Hong Kong enterprises also stand to benefit from this rare opportunity. It is hoped that all quarters of Hong Kong society seize this opportunity to tap the Chinese mainland market, and contribute to national development.

Hong Kong, an integral part of China enjoying unparalleled advantages under the “one country, two systems” framework, should give full play to its advantages and contribute to the country’s endeavor to align with international rules and foster new quality productive forces.

The author is the vice-president of the Chinese Association of Hong Kong and Macao Studies and the secretary-general of the Hong Kong Coalition.

The views do not necessarily reflect those of China Daily.