Third Plenum of the 20th CPC Central Committee has profound significance for both China and the world: Global Times editorial

BEIJING, July 15, 2024 /PRNewswire/ -- The Third Plenary Session of the 20th Communist Party of China (CPC) Central Committee convenes in Beijing from Monday to Thursday, attracting high attention globally. An article by Bloomberg entitled "Why China's Third Plenum Matters for Global Investors" highlighted that "The Third Plenum stands out for its potential impact on the world's second-largest economy." For the world, the Third Plenum serves as an important window for outsiders to understand China's high-quality development and high-level opening-up. 

This Third Plenary Session will primarily examine issues related to further comprehensively deepening reform and advancing Chinese modernization, and reviewing the draft of The CPC Central Committee's Decision on Further Comprehensively Deepening Reform and Advancing Chinese Modernization. This is a guiding document for China to further comprehensively deepen reform in the new journey, scientifically planning the overall deployment of further comprehensively deepening reform around Chinese modernization, and giving China's development direction a high degree of certainty, coherence, and continuity. This is not common among the major countries in the world, which also means stable expectations for the world.

Reform is driven by problems and deepens through continuous problem-solving. Against the backdrop of the unprecedented changes in the world in a century, advancing Chinese modernization also faces new situations and new problems. The importance of this meeting lies in the fact that it not only symbolizes a new historical period of China's reform and opening-up, but also demonstrates China's determination to overcome difficulties with greater strength and more specific policies, promoting the country's comprehensive development and further opening-up to the outside world. It is easy to feel that reform and opening-up have become a firm belief in Chinese society. With strong institutional guarantees, it will mean further liberation of thinking, liberation and development of social productivity, liberation and enhancement of social vitality, thereby promoting social fairness and justice, and enhancing the well-being of the people. It can be expected that through a series of reform measures and policy guidance, China will achieve new achievements in economic, social, and legal construction, further improving the living standards of the people, and achieving the goal of common prosperity.

Practice has proven that the Third Plenary Session of the 11th CPC Central Committee and the Third Plenary Session of the 18th CPC Central Committee are both epoch-making. Some British media outlets stated that since the reform and opening-up, each Third Plenary Session has focused on economic reform, often playing an important role in China's development. The Third Plenary Session often carries the expectation of formulating and implementing major economic reform policies. This observation on Chinese politics, which is quite "well-informed," is not accidental. It is a stable expectation formed internationally and domestically since China's reform and opening-up. Therefore, the international media is paying close attention to the specific reform measures that will be introduced at this Third Plenary Session. For China and the world, the sense of stability conveyed through a stable political agenda and rhythm is equally important.

The Third Plenary Session of the 20th CPC Central Committee will declare to the world that China is firmly committed to the path of reform and opening-up. Through deeper and higher-level two-way opening-up, China is dedicated to promoting the construction of an open world economy for the benefit of all countries. Through deeper and higher-level two-way opening-up, China is dedicated to promoting the construction of an open world economy for the benefit of all countries. The proportion of China's total economic output in the world economy has risen from around 12.3 percent over a decade ago to about 18 percent now, and China's contribution to global economic growth has remained at around 30 percent in recent years. The outside world expects China to continue promoting high-quality development and high-level opening-up, hoping that the Third Plenary Session of the 20th CPC Central Committee will bring more good news to encourage innovation, stimulate market vitality, and optimize the business environment. This is natural and one of the reasons why the Third Plenary Session of the 20th CPC Central Committee is so highly anticipated.

Under the successful practice of steady and solid development in China, the whole world now knows that there is more than one path to modernization. The Third Plenary Session of the 20th CPC Central Committee will more clearly demonstrate to the world how the Chinese modernization path will be achieved and where it will lead. This is of great significance to "Global South" countries and the entire world. Michael Schumann, chairman of the Board of the German Federal Association for Economic Development and Foreign Trade, said that observing how Chinese modernization continues to advance, and what people in the West can learn from it, will be very inspiring.

The exploration of China on the path of modernization has a significance at the level of human civilization, and the Third Plenary Session of the 20th CPC Central Committee will be an important milestone in this process. The Third Plenary Session of the 20th CPC Central Committee is not only an important theoretical conference for promoting Chinese modernization in the new era, but also a high-level conference for opening-up to the outside world. The giant ship of China is steadily moving toward a determined direction, bringing opportunities, confidence, and win-win outcomes to the world. The reform and opening-up of China continuously provide positive energy for global development. This Third Plenary Session will once again prove this point.