Third Plenum to Push China to New Historic Achievements
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Third Plenum to Push China to New Historic Achievements

Third Plenum

Third Plenum to Push China to New Historic Achievements

Aerial view of Beijing CBD. Photo: VCG

Editor’s Note: The Communist Party of China (CPC) will convene the third plenary session of its 20th Central Committee in Beijing on July 15, which is expected to focus on deepening reform and advancing China’s modernization. John Ross, a senior research fellow at the Chongyang Institute for Financial Studies, Renmin University of China, shared his perspective on the upcoming meeting with Global Times (GT).

GT: How do you assess the significance of the upcoming Third Plenum for China’s economic development and reforms over the next decade, given the increasing complexity of the global geopolitical situation?

John Ross: The upcoming plenum is of great importance for both domestic and international reasons. Domestically, China has already achieved its first centennial goal – to build a moderately prosperous society by national standards in all respects. If China manages to double its per capita income by 2035 from 2020, it will far surpass the threshold of a high-income economy by international standards.

The living standards, life opportunities, demands and expectations of the Chinese people will rise enormously. China’s economy will become correspondingly much more diverse and complex. Achieving such a transformation in a country of 1.4 billion people – exceeding the combined population of all other high-income economies – will be an unprecedented achievement in human history. This historical perspective underscores the profound significance of the plenum.

GT: Given the opportunities and challenges facing China’s economy, how do you think the Plenum will guide and accelerate economic reforms in key areas such as technological innovation, capital market regulation, and accelerating the development of the private sector, real estate and opening-up?

John Ross: China’s transition to a high-income economy requires sustained growth in high-quality productivity, which can only be achieved through significant investment in R&D and application. This transition is already underway in many sectors, including telecommunications, green industries, high-tech products such as drones, and social media platforms.

The Plenum will need to set guidelines for the widespread adoption of these advances throughout the economy. China’s technological leadership in these and other industries underpins its expanding role in the world economy and, consequently, as a leading technological innovator in its opening-up policy.

GT: How do you assess the role of the CPC leadership and its institutional strengths in contributing to the country’s economic achievements and its future development?

John Ross: China’s extraordinary transformation from one of the world’s poorest countries in 1949 to a high-income economy in just 70 years is entirely attributed to the pivotal role and visionary leadership of the CPC. No other political party in the world can boast a comparable achievement. This is an objective fact.

GT: What are your expectations regarding the Plenum’s role in promoting China’s distinctive modernization?

John Ross: In every phase of its journey, from lifting China out of near poverty in 1949 to becoming a high-income country, the country has continually encountered diverse and evolving challenges. The CPC’s resilience and vitality are evidenced by its ability to develop precise and effective responses to these challenges at every turn, as evidenced by the significant milestones achieved in China’s economic and social development. Looking ahead, I am confident that the upcoming Third Plenum will be another key step forward in this ongoing transformation process.