In a significant move, China introduced over 300 reform measures during the third plenary session of the 20th Communist Party of China (CPC) Central Committee in July. These sweeping changes underscore China's commitment to fostering a market-oriented, law-based, and world-class business environment.
While some Western critics have dismissed these efforts as \"all thunder, no rain,\" arguing that China’s reforms lack substance, the fundamental differences in reform philosophies between China and the West are evident. Western nations, particularly those led by the U.S., have long expected China to adopt liberal economic systems, often evaluating reforms based on their alignment with capitalist principles.
Contrary to these expectations, China’s reform strategy is guided by the Party’s overall leadership, Marxism, and socialism with Chinese characteristics. As emphasized by Chinese President Xi Jinping, the focus remains on social fairness, justice, and enhancing the well-being of the people. This approach prioritizes gradual, well-planned changes tailored to China’s unique national conditions, balancing economic growth with social stability.
The latest wave of reforms marks an unprecedented scope in China’s history, targeting deeper systemic, mechanistic, and institutional areas. Key initiatives include fostering new, quality productive forces based on local conditions, integrating the real and digital economies, developing the service sector, modernizing infrastructure, and enhancing the resilience and security of industrial and supply chains.
These reforms have already yielded tangible results. According to Xinhua News Agency, China has established nearly 10,000 digital workshops and intelligent factories, and the number of cross-industry and cross-field industrial Internet platforms has reached 50. Additionally, 45 national advanced manufacturing clusters have been developed in sectors such as information technology, high-end equipment, new materials, and energy. In Changzhou, Jiangsu Province, the power battery supply chain is nearly 97% complete, showcasing the effectiveness of these strategic initiatives.
As China continues to implement these comprehensive reforms, the global community watches closely, recognizing that China’s unique path to modernization offers fresh perspectives on achieving sustainable and inclusive growth.
Reference(s):
cgtn.com
