20th CPC Central Committee to hold 3rd plenary session in July

BEIJING -- The third plenary session of the 20th Communist Party of China Central Committee will be held in Beijing in July, according to a decision made at a CPC Central Committee Political Bureau meeting on Tuesday.

According to the main agenda of the session, the Political Bureau will report its work to the Central Committee, and the session will primarily study issues concerning further comprehensively deepening reform and advancing Chinese modernization.

The Political Bureau meeting also analyzed the current economic situation and economic work, and deliberated a document on policies and measures for continuously advancing the high-quality integrated development of the Yangtze River Delta.

Xi Jinping, general secretary of the CPC Central Committee, presided over the meeting.

Reform and opening up is an effective instrument for the cause of the Party and the people to make great strides in keeping up with the times, the meeting said.

The current and future periods are critical for building a strong country and realizing national rejuvenation on all fronts through a Chinese path to modernization. China's reform must continue in the face of complex international and domestic situations, a new round of scientific and technological revolution and industrial changes, and the new anticipation of the people, according to the meeting.

Deepening reform is essential to upholding and improving the socialist system with Chinese characteristics and modernizing China's governance system and capacity, the meeting said.

It is also essential to implementing the new development philosophy and better adapting to the evolution of the principal contradiction facing Chinese society, ensuring that all the people share the benefits of modernization more fully and fairly, coping with major risks and challenges, winning the strategic initiative in the increasingly fierce international competition and building a stronger Marxist party, the meeting noted.

The whole Party must put reform in a more prominent position and deepen reform in all respects with a focus on promoting Chinese modernization, the meeting said.

The meeting stressed that further deepening reform in all respects requires efforts to free the mind, liberate and develop social productive forces, as well as unleash and enhance social vitality.

Further comprehensive reform should be led by reform of the economic system, with advancing social equality and justice and improving people's well-being as both the starting point and the ultimate goal, and more focuses should be put on system integration, addressing priorities and achieving concrete outcomes, so as to provide powerful driving force and institutional guarantees for Chinese modernization, the meeting added.

Noting that the economy has secured a good start this year, the meeting cautioned against challenges, such as insufficient demand, high operation pressure facing enterprises, and an external environment that is more complicated, grimmer and more uncertain.

China's economy still has a solid foundation, plenty of advantages, strong resilience and huge potential, the meeting said, calling for efforts to strengthen confidence in economic work.

The country should front-load efforts to effectively put the established macro policies in place, and well implement a proactive fiscal policy and a prudent monetary policy.

Ultra-long special treasury bonds should be issued at an early stage and put in good use, while the issuance and utilization of special-purpose bonds should be expedited.

It is necessary to flexibly employ policy tools such as interest rates and reserve requirement ratios to increase support for the real economy and reduce the overall financing cost of the society, the meeting noted.

The meeting stressed the need to assess the consistency of macro policy orientation, advance large-scale equipment renewals and trade-ins of consumer goods, introduce more consumption scenarios, promote people-centered new urbanization, and implement a new mechanism for cooperation between the government and private capital, while fully stimulating private investment.

The meeting also called for efforts to develop new quality productive forces according to local conditions, cultivate and strengthen emerging industries, proactively plan and build future industries, make use of advanced technologies to empower the transformation and upgrading of traditional industries, actively develop venture capital, and strengthen patient capital.

The country should actively expand trade in intermediate goods, service trade, digital trade, and cross-border e-commerce exports, support private enterprises in expanding overseas markets and intensify efforts to attract and use foreign investment.