Injecting Strong Power to Promote High-quality Development -- A Summary of the Achievements of Economic System Reform since the Third Plenary Session of the 18th CPC Central Committee

The reform of the economic system is the focus of deepening reform in an all-round way.
The third Plenary session of the 18th CPC Central Committee made a number of reform arrangements, such as "closely centering on making the market play a decisive role in the allocation of resources, deepening the reform of the economic system, adhering to and improving the basic economic system, and speeding up the improvement of the modern market system, the macro-control system, and the open economic system." outline the basic framework for deepening the reform of the economic system.
Since the new era, the Party Central Committee with Comrade Xi Jinping as the core has shown great foresight, taken charge of the overall situation, grasped the general trend, put forward a series of new ideas, new ideas and new strategies, formed and developed Xi Jinping's economic thought in practice, and used it as a guide to deepen the reform of the economic system, stimulate the vitality of development, change the mode of development, open up space for development, and inject strong impetus into promoting high-quality development.
　　Play the decisive role of the market to release the vitality of development
Right now, the peak summer is approaching, and the power market has attracted much attention.
On June 17, Shandong electric power in stock market changed from trial operation to formal operation, becoming the third "regular" electric power in stock market in China. At the same time, the new version of the basic rules for the operation of the electricity market will be formally implemented on July 1.
Relying on sensitive price signals, guiding the "source network and storage" to work together to ensure power supply, since the new round of power system reform, the proportion of market-oriented trading electricity in China has increased significantly. By the end of 2023, the amount of electricity traded in the national electricity market will be 5.67 trillion kWh, accounting for 61.4 per cent of the total electricity consumption of the whole society.
Price is the "signal light" of market changes and the "baton" of market regulation ". Up to now, more than 97% of the prices of goods and services in my country have been determined by the market, reflecting that the decisive role of the market is more significant.
"Economic system reform is the focus of comprehensively deepening reform, and the core issue is to properly handle the relationship between the government and the market, so that the market can play a decisive role in the allocation of resources and give better play to the role of the government."
In November 2013, the Third Plenary Session of the 18th Central Committee of the Communist Party of China made this important conclusion through the "Decision of the Central Committee of the Communist Party of China on Several Major Issues of Comprehensively Deepening Reform" drafted by General Secretary Xi Jinping.
The difference in raising the role of the market from "basic" to "decisive" reflects that our party's understanding of the role of the market has reached a new height, marking that the development of the socialist market economy has entered a new stage.
Handling the relationship between the government and the market is a world-class problem and the core issue of China's economic system reform.
In November 2015, General Secretary Xi Jinping emphasized during the 28th collective study of the 18th Politburo of the Central Committee: "We must adhere to dialectics and two-point theory, and continue to work hard on the combination of the basic socialist system and the market economy. Both advantages should be brought into full play. We must have a'effective market' and a'promising government', and strive to solve this global economic problem in practice."
Theoretical innovation leads the leap in practice.
For more than a decade, the CPC Central Committee has firmly grasped the core issue of properly handling the relationship between the government and the market, constantly improving the basic socialist economic system, speeding up the improvement of the socialist market economic system, and adhering to the "two unshakable". The decisive role of the market in the allocation of resources is more significant, and the role of the government is more effective.
In October 2017, General Secretary Xi Jinping pointed out in the report of the 19th CPC National Congress that "the reform of the economic system must focus on improving the property rights system and the market-oriented allocation of factors, so as to achieve effective incentives for property rights, free flow of factors, flexible price response, fair and orderly competition, and the survival of the fittest in enterprises".
For the first time, data will be incorporated into production factors, and the market-oriented reform of land, labor, capital, technology, data and other factors will be promoted;
We will improve the basic systems of the market economy, such as property rights protection, market access, fair competition and social credit, and steadily promote the construction of a high-standard market system;
Break down the institutional and institutional obstacles that hinder the free flow of factors, and promote the realization of factor price market determination, independent and orderly flow, efficient and fair allocation;
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A series of unprecedented and innovative reform measures have blossomed, and the vitality of various business entities, institutional vitality and social creativity have been activated.
By the end of 2023, there were 0.184 billion registered business entities, including more than 53 million private enterprises, an increase of 2.3 times and 3.9 times respectively over 2012. From 2012 to 2023, the R & D investment of the whole society increased from 1.03 trillion yuan to 3.3 trillion yuan, accounting for 2.64 percent of the GDP, exceeding the average level of EU countries, and the construction of an innovative country has achieved remarkable results.
In the autumn of 2019, at the Fourth Plenary Session of the 19th CPC National Committee, "public ownership is the main body, multiple ownership economies develop together, distribution according to work is the main body, multiple distribution methods coexist, and the socialist market economic system" has become the basic socialist economic system. New generalization. This "trinity" framework marks a more mature and stereotyped economic system in China.
Continuously innovate and improve macro-control, strengthen the coordination and cooperation of fiscal, monetary, employment, industry, investment and other policies; deepen the reform of the fiscal and taxation system, optimize the combination of special bonds, national debt, tax concessions, financial subsidies and other policy tools; deepen the reform of the financial system, keep the bottom line of systemic risks; deepen the reform of the scientific and technological system, and form a basic system to support comprehensive innovation......
For more than ten years, under the leadership of the Party Central Committee with Comrade Xi Jinping as the core, my country has continuously improved the macroeconomic governance system, not only creating a good business environment, but also preventing market disorder and failure in a timely manner, and promoting the effective improvement of the economy. And reasonable growth in quantity. In 2023, the GDP will exceed 126 trillion yuan, and the growth rate will be among the top of the world's major economies. Over the years, it has contributed more than 30% to world economic growth.
　　Continuously Optimize Economic Structure to Accumulate Development Kinetic Energy
Entering Tianjin Rongcheng United Iron and Steel Group Co., Ltd., hydrogen energy heavy trucks are busy, 100 mu of photovoltaic panels are neatly arranged, and the data collection points in the factory area transmit the data to the wisdom center in real time. Not long ago, it was awarded the "green development benchmark enterprise".
Eliminate backward production capacity, improve production efficiency, accelerate the green intelligent transformation ...... The steel industry drastically to production capacity, adjust the structure, accelerate the pace of transformation and upgrading, it is China's deepening supply-side structural reform, change the mode of development, optimize the economic structure, the transformation of economic momentum epitome.
The problem is the call for reform.
Back in 2012, bidding farewell to double-digit high growth, China's economic growth rate fell below 8% for the first time since the new century. During the same period, deep-seated structural contradictions accumulated over a long period of time continued to emerge.
From judging that China's economic development is in the "three-phase superposition" stage to proposing a new normal, from implementing the new development concept to promoting supply-side structural reform, to clearly shifting from the stage of high-speed growth to the stage of high-quality development ...... Our Party makes timely and scientific judgments on the economic situation and constantly uses reform methods to solve problems in development.
In November 2015, General Secretary Xi Jinping put forward "supply-side structural reform" for the first time at the 11th meeting of the Central Financial and Economic leading Group, requiring that "while moderately expanding aggregate demand, efforts should be made to strengthen supply-side structural reform. efforts should be made to improve the quality and efficiency of the supply system and enhance the driving force of sustained economic growth".
Since then, supply-side structural reform, as a main line, runs through all aspects and stages of comprehensively deepening reform.
The 23rd meeting of the Central leading Group for comprehensively deepening Reform pointed out that "supply-side structural reform is interlinked with comprehensively deepening reform and implementing the new concept of development, and the core is institutional innovation";
The 19th National Congress of the Communist Party of China made it clear that "with supply-side structural reform as the main line, we will promote changes in the quality, efficiency and power of economic development, and improve total factor productivity";
The 20th National Congress of the Communist Party of China emphasized "organically combining the implementation of the strategy of expanding domestic demand with the deepening of supply-side structural reform";
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The Party Central Committee reviewed the situation and focused on solving the structural contradictions and institutional obstacles that restrict high-quality development. It has formed a policy framework guided by the new development concept and the supply-side structural reform as the main line, and promoted economic restructuring and the conversion of new and old kinetic energy. Firmly embark on the road of higher quality, higher efficiency and more sustainable development.
Continuous upgrading of industrial structure--
We will further promote the "three go, one drop and one supplement" to optimize the allocation of resources, accelerate the transformation of traditional industries, vigorously develop emerging industries, and continue to grow the scale of the service industry. From 2012 to 2023, the added value of high-tech manufacturing and the added value of equipment manufacturing increased from 9.4 per cent and 28 per cent to 15.7 per cent and 33.6 per cent, respectively, and the added value of services increased from 45.5 per cent to 54.6 per cent.
The demand structure continues to improve--
Firmly grasp the strategic basis of expanding domestic demand, actively build a long-term mechanism for expanding domestic demand, promote smoother domestic circulation, more efficient internal and external market connectivity, and strive to give full play to the basic role of consumption and the key role of investment. The contribution of domestic demand to economic growth has increased from 105.8 per cent in 2012 to 111.4 per cent in 2023.
gradual optimization of the regional structure--
The coordinated development of Beijing-Tianjin-Hebei has reached a new level, the Yangtze River Economic Belt has spread out a high-quality development picture, and the pace of construction in the Guangdong-Hong Kong-Macao Greater Bay Area has accelerated ...... New urbanization and rural revitalization resonate at the same frequency, and major regional strategies have been pushed forward in depth. The urbanization rate of China's resident population rose from 52.57 per cent in 2012 to 66.16 per cent in 2023, accelerating the rise of high-quality growth poles.
Supply-side structural reform continues to move towards the "new" trend.
General Secretary Xi Jinping profoundly pointed out: "the core of deepening supply-side structural reform is to promote industrial innovation through scientific and technological innovation, especially to promote new industries, new models, and new kinetic energy with disruptive technologies and cutting-edge technologies, and to develop new quality productive forces." we will deepen the reform of the scientific and technological system, the education system, and the talent system, and break through the blocking points that restrict the development of new quality productive forces ".
At present, anchoring the "development of new quality productivity according to local conditions", all parts of the country continue to deepen the supply-side structural reform, accelerate the construction of new production relations compatible with the new quality productivity, constantly open up new areas of development, new track, and constantly shape the development of new kinetic energy and new advantages.
　　Building a New System of Open Economy and Broadening the Space for Development
There are more than 70000 foreign-funded enterprises in Shanghai. In 2023 alone, 6017 new foreign-funded enterprises were established, a year-on-year increase of 38.3 percent, and the actual use of foreign capital exceeded US $24 billion billion, a record high.
Article 190 has been reduced to 27, the manufacturing industry has been cleared, and the service industry has continued to expand and open up... Today, the negative list of foreign investment access in the Shanghai Pilot Free Trade Zone is only more than two pages thin.
This is the starting point for the construction of the "reform test field" in the pilot free trade zone. On September 29, 2013, China's first pilot free trade zone was born in Shanghai. Subsequently, the "Special Administrative Measures for Foreign Investment Access in China (Shanghai) Pilot Free Trade Zone (Negative List)(2013)" was released. For the first time, the negative list was used to manage foreign investment in China, which quickly ignited market enthusiasm.
The establishment of the first pilot free trade zone coincides with the upcoming Third Plenary Session of the 18th CPC Central Committee, which has become a vivid footnote to comprehensively deepen reform.
The decision of the Central Committee of the Communist Party of China on a number of major issues concerning the comprehensive deepening of reform was adopted at the forthcoming plenary session, which specifically proposed in the section "Accelerating the improvement of the modern market system" that "a unified market access system should be implemented and that, on the basis of a negative list, all types of market entities should have equal access to areas outside the list in accordance with the law".
Exploring new ways to comprehensively deepen reform and expand opening up under the new situation is the original intention of the Party Central Committee with Comrade Xi Jinping at the core to lead the construction of a free trade pilot zone.
Since the Third Plenary Session of the 18th Central Committee of the Communist Party of China, the Party Central Committee with Comrade Xi Jinping at the core has coordinated the overall domestic and international situations, insisted on expanding opening up to promote deepening reforms, deepening reforms to promote opening up, and accelerating the formation of a larger scope, wider fields, and A deeper pattern of opening up to the outside world has continuously expanded new space for economic development.
"We must accelerate the transition from a major trading country to a trading power"-Today, my country has maintained its status as the largest country in goods trade for 7 consecutive years, and its export international market share has maintained the world's first for 15 consecutive years. It is a major trading partner of more than 140 countries and regions., Attracting foreign investment and foreign investment are among the top in the world.
"China's door to opening up will not be closed, but will only open wider and wider"-in the face of the headwinds of globalization, China has actively promoted bilateral, regional and multilateral cooperation, and has signed 22 free trade agreements with 29 countries and regions. more than 230 cooperation documents on the joint construction of "Belt and Road Initiative" have been signed with more than 150 countries and more than 30 international organizations, successfully held a series of international economic and trade events such as the Expo, Canton Fair and Service Trade Fair.
Reform inevitably requires opening up, and opening up also inevitably requires reform.
"Building a new system of higher-level open economy is our initiative as a strategic measure to promote reform and development through opening up". In July 2023, General Secretary Xi Jinping made a series of arrangements at the second meeting of the Central Committee for Comprehensively Deepening Reform, calling for building a new development pattern around services, focusing on institutional opening up, and focusing on investment, trade, finance, innovation and other foreign exchanges and cooperation. Deepen the reform of the system and mechanism in key areas.
Intensify efforts to attract and utilize foreign investment, implement the Foreign Investment Law, revise and expand the catalog of industries that encourage foreign investment, and continue to reduce the negative list of foreign investment access;
The number of pilot free trade zones has been upgraded to 22, and 349 institutional innovations have been replicated and promoted at the national level;
Create a market-oriented, legalized, and international first-class business environment, and strengthen institutional arrangements in terms of market transparency, intellectual property rights, and environmental protection standards;
High-level implementation of the Regional Comprehensive Economic Partnership Agreement (RCEP), and active docking of international high-standard economic and trade rules such as the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) and the Digital Economy Partnership Agreement (DEPA)......
For more than a decade, China has unswervingly built a new system of higher-level open economy, accelerated the institutional opening up of rules, regulations, management and standards, promoted deep-seated reform with high-level opening up, and contributed China's wisdom and solutions to global economic opening and cooperation.
We will not stop deepening reform and expanding opening up.
The blueprint for advancing Chinese-style modernization with high-quality development has been drawn up. Adhering to the guidance of Xi Jinping's economic thinking, strengthening the direction of socialist market economic reform, and taking the comprehensive deepening of economic system reform as the traction, the "China" giant ship is moving forward steadily without fear of wind and rain., Sailing towards a broader waters and a brighter future.

(Xinhua News Agency reporters Xie Xiyao, Yan Fujing, Zhou Yuan)

Source: Xinhua News Agency