China to enhance reform efforts with new focus

China is set to implement targeted strategies to increase the impact of its ongoing reform initiatives, aiming for significant progress in the future, according to a State Council official. During its third plenary session from July 15-18, the 20th Central Committee of the Communist Party of China (CPC) approved a resolution to deepen reforms in order to promote Chinese modernisation.

The primary goal is to further develop and improve the system of socialism with Chinese characteristics, while modernising China’s governance structure and capabilities. Huang Shouhong, director of the State Council’s Research Office, explained that these goals align with the strategic framework established at the 20th National Congress of the CPC. They centre on Chinese modernisation and the Party’s commitment to applying the lessons learned from previous reforms, enriching the objectives set during the 18th CPC Central Committee’s third plenary session.

The resolution outlines seven key objectives for China: creating a high-standard socialist market economy, advancing people’s democracy throughout the process, strengthening socialist culture, enhancing the quality of life for citizens, building a Beautiful China, elevating the Peaceful China Initiative, and improving the Party’s leadership and governance capabilities.

Huang expressed confidence in achieving these objectives, citing China’s political and institutional strengths, accumulated experience, robust material foundation, and broad public support. He noted that China will make every effort to deepen reform, aiming for positive outcomes. The approach will involve making reforms more systematic, integrated, and coordinated. Huang emphasised the need to clearly understand the strategic priorities and focus areas, to better design and implement reform measures across various sectors. This coordinated approach is expected to enhance the overall effectiveness of the reforms.

China’s commitment to deepening reforms reflects its strategic focus on modernisation and governance, underpinned by a structured, coordinated approach to achieving its long-term objectives.

Fidelity China Special Situations PLC (LON:FCSS), the UK’s largest China Investment Trust, capitalises on Fidelity’s extensive, locally-based analyst team to find attractive opportunities in a market too big to ignore.

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