Inject strong impetus into promoting high-quality development —— A summary of the achievements of economic system reform since the Third Plenary Session of the 18th CPC Central Committee

　　Xinhua News Agency, Beijing, June 26th　

　　Xinhua News Agency reporters Xie Xiyao, Yan Fujing and Ruta

　　Economic system reform, the focus of comprehensively deepening reform.

　　At the Third Plenary Session of the 18th CPC Central Committee, a number of reforms were made, such as "focusing 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 accelerating the improvement of the modern market system, macro-control system and open economic system", which outlined the basic framework for deepening the reform of the economic system.

　　Since the new era, the CPC Central Committee with the Supreme Leader as the core has been far-sighted, taking the overall situation as a whole, grasping the general trend, put forward a series of new ideas, new ideas and new strategies, formed and developed the economic thoughts of the Supreme Leader in practice, and used them as a guide to deepen the reform of the economic system, stimulate the vitality of development, change the development mode, and open up the development space, which has injected strong impetus into promoting high-quality development.

　　Give play to the decisive role of the market and release the vitality of development

　　At present, the peak summer is approaching, and the power market has attracted much attention.

　　On June 17th, the spot market of Shandong electric power changed from trial operation to formal operation, becoming the third "positive" spot market in China. At the same time, the new version of the basic rules for power market operation will be officially implemented on July 1.

　　Relying on sensitive price signals and guiding "source network and storage" to work together to ensure power supply, since the new round of power system reform, the proportion of electricity traded in China’s market has greatly increased. By the end of 2023, the electricity traded in the national electricity market was 5.67 trillion kWh, accounting for 61.4% of the total electricity consumption.

　　Price is the "signal lamp" of market change and the "baton" of market adjustment. Up to now, more than 97% of the prices of goods and services in China have been decided by the market, reflecting that the decisive role of the market is more significant.

　　"Economic system reform is the focus of comprehensively deepening reform. 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 resource allocation and better play the role of the government."

　　In November 2013, the Third Plenary Session of the 18th CPC Central Committee made this important conclusion through the "the Central Committee of the Communist Party of China’s Decision on Several Major Issues of Comprehensively Deepening Reform" drafted by the Supreme Leader General Secretary.

　　The difference between 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 the development of the socialist market economy has entered a new stage.

　　Dealing with the relationship between government and market is a world-class problem, and it is also the core issue of China’s economic system reform.

　　In November 2015, General Secretary of the Supreme Leader stressed during the 28th collective study in the 18th the Political Bureau of the Central Committee: "We should adhere to dialectics and two-point theory, continue to work hard on the combination of the basic socialist system and the market economy, and give full play to both advantages, that is, ‘ Efficient market ’ , also want to ‘ A promising government ’ Strive to solve this worldwide problem in economics in practice. "

　　Theoretical innovation leads practice to leap forward.

　　For more than a decade, the CPC Central Committee has firmly grasped the core issue of handling the relationship between the government and the market, constantly improved the basic socialist economic system, accelerated the improvement of the socialist market economic system, and adhered to the "two unwavering" principle. The decisive role of the market in resource allocation is more significant, and the role of the government is more effective.

　　In October 2017, the General Secretary of the Supreme Leader pointed out in the report of the 19th National Congress of the Communist Party of China that "the economic system reform must focus on improving the property rights system and the market-oriented allocation of factors, and realize effective incentives for property rights, free flow of factors, flexible price response, fair and orderly competition, and survival of the fittest for enterprises".

　　Incorporate data into production factors for the first time, and promote the market-oriented reform of land, labor, capital, technology, data and other factors;

　　Improve the basic systems of 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;

　　Remove the institutional and institutional obstacles that hinder the free flow of factors, and promote the realization of factor price market decision, independent and orderly flow, efficient and fair allocation;

　　… …

　　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 184 million registered business entities, including 53 million private enterprises, which increased by 2.3 times and 3.9 times respectively compared with 2012. From 2012 to 2023, the total social R&D expenditure increased from 1.03 trillion yuan to 3.3 trillion yuan, accounting for 2.64% of GDP, exceeding the average level of EU countries, and the construction of an innovative country achieved remarkable results.

　　In the autumn of 2019, at the Fourth Plenary Session of the 19th CPC Central Committee, "public ownership as the mainstay, multiple ownership economies developing together, distribution according to work as the mainstay, multiple modes of distribution coexisting, and the socialist market economic system" became a new summary of the socialist basic economic system. This "trinity" framework marks that China’s economic system is more mature and stereotyped.

　　Constantly innovate and improve macro-control, and strengthen the coordination of fiscal, monetary, employment, industry, investment and other policies; Deepen the reform of fiscal and taxation system, optimize the combination of special debt, national debt, tax incentives, financial subsidies and other policy tools; Deepen the reform of the financial system and keep the bottom line of systemic risk; Deepen the reform of the scientific and technological system and form a basic system to support all-round innovation … …

　　Over the past decade or so, under the leadership of the CPC Central Committee with the Supreme Leader as the core, China has continuously improved its macroeconomic governance system, which not only creates a good business environment, but also prevents the disorder and failure of the market in time, and promotes the effective improvement of the quality and reasonable growth of the economy. In 2023, the gross domestic product (GDP) exceeded 126 trillion yuan, and the growth rate was among the highest in the world’s major economies. Over the years, its contribution rate to world economic growth exceeded 30%.

　　Continuously optimize the economic structure and accumulate development momentum

　　Entering Tianjin Rongcheng United Iron and Steel Group Co., Ltd., the data collection points with busy hydrogen energy trucks, 100 acres of photovoltaic panels arranged neatly and dense factory areas transmit data to the wisdom center in real time. Not long ago, it was awarded as a "green development benchmark enterprise".

　　Eliminate backward production capacity, improve production efficiency and accelerate green and intelligent transformation … … The drastic reduction of production capacity, structural adjustment and acceleration of transformation and upgrading in the steel industry are the epitome of China’s deepening supply-side structural reform, changing development mode, optimizing economic structure and transforming economic kinetic energy.

　　The problem is the call for reform.

　　Back in 2012, bid farewell to the high double-digit growth, and China’s economic growth rate dropped below 8% for the first time since the new century. In the same period, the deep-seated structural contradictions accumulated for a long time are constantly emerging.

　　From judging that China’s economic development is in the "three-phase superposition" stage to putting forward the new normal, from implementing the new development concept to promoting the supply-side structural reform, and then clearly shifting from the high-speed growth stage to the high-quality development stage … … Our party makes scientific judgments on the economic situation in a timely manner and constantly uses reform methods to solve problems in development.

　　In November 2015, General Secretary of the Supreme Leader put forward the "supply-side structural reform" for the first time at the eleventh meeting of the Central Financial and Economic Leading Group, demanding that "while moderately expanding the total demand, efforts should be made to strengthen the supply-side structural reform, and efforts should be made to improve the quality and efficiency of the supply system and enhance the momentum of sustained economic growth".

　　Since then, the supply-side structural reform, like a main line, runs through all aspects and stages of comprehensive deepening reform.

　　The 23rd meeting of the Central Leading Group for Comprehensively Deepening Reform pointed out that "structural reform on the supply side is interlinked with comprehensively deepening reform and implementing the new development concept, and the core is institutional innovation";

　　The 19 th National Congress of the Communist Party of China clearly stated that "the supply-side structural reform is the main line to promote the quality change, efficiency change and power change of economic development and improve the 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 deepening the structural reform on the supply side";

　　… …

　　The CPC Central Committee sized up the situation, focused on solving the structural contradictions and institutional obstacles that restricted high-quality development, and formed a policy framework with the new development concept as the guide and the supply-side structural reform as the main line, promoting economic restructuring and the transformation of old and new kinetic energy, and firmly embarking on the road of higher quality, higher efficiency and more sustainable development.

　　The industrial structure continues to upgrade — —

　　We will further promote the "three to one, one reduction 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 service industries. From 2012 to 2023, the added value of high-tech manufacturing and equipment manufacturing increased from 9.4% and 28% to 15.7% and 33.6% respectively. The proportion of added value of service industry increased from 45.5% to 54.6%.

　　The demand structure is constantly improving — —

　　Firmly grasp the strategic base point of expanding domestic demand, actively build a long-term mechanism to expand domestic demand, promote a smoother domestic cycle and a more efficient connection between domestic and foreign markets, and focus on the basic role of consumption and the key role of investment. The contribution rate of domestic demand to economic growth increased from 105.8% in 2012 to 111.4% in 2023.

　　Regional structure is gradually optimized — —

　　The coordinated development of Beijing-Tianjin-Hebei has reached a new level, the Yangtze River Economic Belt has spread a picture of high-quality development, and the pace of Guangdong-Hong Kong-Macao Greater Bay Area’s construction has accelerated … … New urbanization and rural revitalization resonate at the same frequency, and major regional strategies are advancing in depth. The urbanization rate of permanent residents in China increased from 52.57% in 2012 to 66.16% in 2023, and the high-quality development and growth accelerated rapidly.

　　The supply-side structural reform continues to be "new".

　　The General Secretary of the Supreme Leader profoundly pointed out that "the core of deepening the structural reform of the supply side is to promote industrial innovation with scientific and technological innovation, especially to promote new industries, new models and new kinetic energy with subversive technologies and cutting-edge technologies, and to develop new quality productivity"; "Deepen the reform of science and technology system, education system, talent system, etc., and get through the blocking points that constrain the development of new quality productive forces".

　　At present, anchored to "develop new quality productivity according to local conditions", all parts of the country continue to deepen supply-side structural reforms, accelerate the construction of new production relations that are compatible with new quality productivity, constantly open up new fields and new tracks for development, and constantly shape new kinetic energy and new advantages for development.

　　Constructing a new open economic system and broadening the development space

　　There are more than 70,000 foreign-funded enterprises in Shanghai. In 2023 alone, 6,017 new foreign-funded enterprises were established, up 38.3% year-on-year, and the actually used foreign capital exceeded 24 billion US dollars, a record high.

　　The number of articles has been reduced from 190 to 27, the manufacturing items have 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 two pages thin.

　　This is the starting point for building a "reform experimental field" in the Pilot Free Trade Zone. On September 29th, 2013, China’s first free trade pilot 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, which was the first time to manage foreign investment in China with a negative list, 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 for comprehensively deepening reform.

　　The plenary meeting held soon after made the "Decision of the Central Committee of the Communist Party of China on Several Major Issues of Comprehensively Deepening Reform", specifically in the section of "Accelerating the Improvement of the Modern Market System", proposing that "a unified market access system should be implemented, and on the basis of drawing up a negative list, all kinds of market entities can enter the fields outside the list equally according to law. Explore the management mode of pre-entry national treatment plus negative list for foreign investment. "

　　Under the new situation, it is the initial intention of the CPC Central Committee with the Supreme Leader as the core to lead the construction of the Pilot Free Trade Zone to explore new ways to comprehensively deepen reform and expand opening up.

　　Since the Third Plenary Session of the 18th CPC Central Committee, the CPC Central Committee with the Supreme Leader as the core has made overall plans for both domestic and international situations, persisted in promoting deepening reform by opening wider to the outside world and deepening reform to promote opening wider to the outside world, accelerated the formation of a wider, broader and deeper opening-up pattern, and constantly expanded new space for economic development.

　　"We should accelerate the transition from a big trading country to a powerful trading country" — — Today, China has maintained its position as the largest country in goods trade for seven consecutive years, and its export international market share has remained the first in the world for 15 consecutive years. It is the main trading partner of more than 140 countries and regions, and attracts foreign investment and ranks among the top in the world.

　　"The open door of China will not be closed, but will only grow wider and wider" — — Facing the headwind of globalization, China has actively promoted bilateral, regional and multilateral cooperation. It has signed 22 free trade agreements with 29 countries and regions, signed more than 230 cooperation documents to jointly build the Belt and Road with more than 150 countries and more than 30 international organizations, and successfully hosted a series of international economic and trade events such as China International Import Expo(CIIE), Canton Fair and Service Fair.

　　Reform inevitably requires opening up, and opening up inevitably requires reform.

　　"Building a new open economic system at a higher level is a strategic measure that we take the initiative to promote reform and development through opening up". In July 2023, the General Secretary of the Supreme Leader made a series of arrangements at the second meeting of the Central Committee for Comprehensively Deepening Reform, demanding that a new development pattern be built around services, focusing on institutional opening, focusing on key areas of foreign exchanges and cooperation such as investment, trade, finance and innovation, and deepening the reform of institutional mechanisms.

　　Intensify efforts to attract and utilize foreign investment, implement the foreign investment law, revise and expand the catalogue of industries to encourage foreign investment, and continuously reduce the negative list of foreign investment access;

　　The number of pilot free trade zones has been upgraded and expanded to 22, and 349 institutional innovations in pilot free trade zones have been replicated and promoted at the national level;

　　Create a market-oriented, rule-based and international first-class business environment, and strengthen institutional arrangements in terms of market transparency, intellectual property rights and environmental protection standards;

　　Implement the Regional Comprehensive Economic Partnership Agreement (RCEP) at a high level, and actively connect with international high-standard economic and trade rules such as Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) and Digital Economy Partnership Agreement (DEPA) … …

　　For more than a decade, China has unswervingly built a new open economic system at a higher level, accelerated the institutional opening of rules, regulations, management and standards, promoted deep-seated reforms with high-level opening, and also contributed China’s wisdom and provided China’s solutions to global economic opening cooperation.

　　Deepening reform will not stop, and opening up will not stop.

　　The blueprint for promoting Chinese-style modernization with high-quality development has been drawn, and the direction of socialist market economy reform is firmly guided by the economic thought of the supreme leader. With the comprehensive deepening of economic system reform as the traction, the great ship "China" is sailing steadily without fear of wind and rain, heading for a wider water area and a brighter future.