20th CPC Central Committee to hold fourth plenary session in October

BEIJING -- The fourth plenary session of the 20th Communist Party of China (CPC) Central Committee will be held in Beijing in October, according to a decision made at a CPC Central Committee Political Bureau meeting on July 30. According to the main agenda of the session, the Political Bureau will report its work to the CPC Central Committee, and the proposals for formulating the 15th Five-Year Plan for national economic and social development will be studied at the session. The current economic situation was analyzed and studied, and arrangements were made for economic work in the second half of this year at the meeting. Xi Jinping, general secretary of the CPC Central Committee, chaired the meeting.

It was noted at the meeting that the 15th Five-Year Plan period (2026-2030) will be a crucial phase for the country to consolidate the foundation and make all-out efforts for basically realizing socialist modernization. China's development is facing profound and complex changes, as strategic opportunities, risks, and challenges exist concurrently, and uncertainties and unforeseen factors are rising. Meanwhile, China's economy is underpinned by a stable foundation, multiple advantages, strong resilience, and great potential, and the supporting conditions and fundamental trend for long-term sound economic development remain unchanged. The strengths of socialism with Chinese characteristics as well as the country's enormous market, complete industrial system and abundant talent resources are becoming even more pronounced. It is imperative to maintain strategic resolve, boost confidence in achieving our goals, proactively identify, respond to and steer changes, manage our own affairs well by pooling resources, win strategic initiative in the fierce international competition, and achieve major breakthroughs in strategic tasks concerning the overall situation of advancing Chinese modernization.

It was stressed at the meeting that Marxism-Leninism, Mao Zedong Thought, Deng Xiaoping Theory, the important thought of the Three Represents, and the Scientific Outlook on Development must be upheld for economic and social development during the 15th Five-Year Plan period while Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era must be thoroughly implemented. To realize the Second Centenary Goal of building China into a great modern socialist country in all respects and to advance the rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization will be the central task. To fulfill this task, the new development philosophy must be faithfully implemented on all fronts, and the general principle of pursuing progress while ensuring stability must be followed. A holistic approach will be adopted to advance the Five-sphere Integrated Plan and the coordinated implementation of the Four-pronged Comprehensive Strategy. Efforts will be made to accelerate the forging of a new development paradigm. Importance will be attached to both domestic and international imperatives as well as to both development and security, so that economic growth will be boosted effectively in quality and reasonably in quantity. At the same time, efforts will be made to promote people's all-round development, and gain solid strides in realizing common prosperity for the Chinese people. As such, decisive progress will be secured for basically realizing socialist modernization.

All at the meeting believed that since the beginning of this year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, governments and departments at all levels have made great efforts to overcome difficulties and obstacles and adopted proactive macro policies, and as a result, steady progress has been achieved in the country's economic growth and new achievements made in high-quality development. Major economic indicators are good, new productive forces witness sound development, and reform and opening up has been further deepened. Risks in key areas have been effectively prevented and defused, and basic public services have been further strengthened to meet essential needs and secure basic living standards for those in difficulty. All in all, China's economy has exhibited great vibrancy and resilience.

It was noted at the meeting that China's economy still faces risks and challenges. It is essential to accurately assess the situation, maintain a sense of urgency, prepare for worst-case scenarios, and make good use of development opportunities, potential, and strengths, so as to consolidate and expand the momentum of economic recovery.

It was stressed at the meeting that, to make a good job of the economic work in the second half of the year, it is imperative to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, follow the general principle of pursuing progress while ensuring stability, faithfully implement the new development philosophy on all fronts, and speed up the efforts to forge a new development paradigm. At the same time, it is essential to maintain the continuity and stability of policies, enhance their flexibility and foresight, and make efforts to keep the development of employment, enterprises, markets, and expectations stable. It is also important to vigorously boost the interplay between domestic and international economic flows. With these efforts, we should strive to accomplish the annual economic and social development goals and tasks, thereby bringing the 14th Five-Year Plan (2021-2025) to a successful conclusion, according to the meeting.

It was also stressed at the meeting that macro policies should be intensified in a sustained and timely manner. It is imperative to ensure rigorous implementation of a more proactive fiscal policy and a moderately loose monetary policy to strengthen their effectiveness. The issuance and utilization of government bonds should be accelerated to raise the efficiency of fund use. It is essential to make sure that basic living needs are met, salaries are paid, and governments function normally at the primary level. It is a must for monetary policy to maintain ample liquidity so as to drive down overall social financing costs. Structural monetary tools must be leveraged to boost support for scientific innovation, consumption stimulus, and the development of micro and small enterprises and foreign trade. Major provincial economies should shoulder greater responsibility in driving growth. It is imperative to strengthen the consistency of macro policies.

The need was stressed at the meeting to effectively unleash the potential of domestic demand. It is essential to further implement the special campaign dedicated to stimulating consumption, and foster new growth drivers for consumption in services while boosting consumption in commodities. It is imperative to boost consumption demand in the process of safeguarding and improving people's living standards. The projects for implementing major national strategies and building security capacity in key areas should be implemented in a high-quality manner, with the vitality of private investment stimulated and effective investment expanded.

It was noted at the meeting that reform must be unswervingly deepened. It is imperative to lead the development of new quality productive forces with scientific and technological innovation, speed up fostering emerging pillar industries with global competitiveness, and promote integrated advancements in technological and industrial innovation. It is essential to advance the building of a unified national market, and further optimize the order of market competition. Disorderly competition among enterprises must be addressed according to law and regulations, and the capacity of key industries should be regulated. It is essential to bring under regulation local practices for attracting investment. It is also imperative to unswervingly consolidate and develop the public sector and unswervingly encourage, support, and guide the development of the non-public sector, so as to stimulate the vitality of market entities.

It was stressed at the meeting that high-standard opening up should be expanded to keep the fundamentals of foreign trade and investment stable. It is essential to assist foreign trade enterprises which suffered huge blows and intensify financing support to promote the integrated development of domestic and foreign trade. Export tax rebate policy should be optimized, and platforms for opening up such as pilot free trade zones should be built with high standards.

It was noted at the meeting that risks in key areas must be continuously prevented and defused. It is imperative to implement well the guiding principles of the Central Urban Work Conference and promote urban renewal in a high-quality manner. Proactive and stable actions are required to defuse local government debt risks, and new hidden debt must be prohibited. It is essential to advance the orderly and effective resolution of local financing platforms with resolve. The attractiveness and inclusiveness of the domestic capital market should be boosted, so as to consolidate the improving and stabilizing trend of the capital market.

The need was emphasized at the meeting to solidly advance work related to ensuring people's livelihoods. Efforts should be made to prioritize employment in policies, promoting job opportunities for key groups such as college graduates, ex-service personnel, and migrant workers. Policies that bring benefits to the people should be effectively implemented, building a better tiered and categorized social assistance system. The foundation for agriculture, rural areas, and farmers must be consolidated, and the prices of grain and other essential agricultural products must be maintained at reasonable levels. What has been achieved in poverty alleviation should be consolidated and expanded to prevent a large number of rural residents from relapsing into poverty. The safety of people's lives must always come first, and the supervision over workplace and food safety must be strengthened. All-out efforts must be made in flood prevention, emergency response, and disaster relief work, and stable supply of energy resources and power during the peak summer season must be secured. A good job must be done in formulating the 15th Five-Year Plan.

The need was emphasized at the meeting to fully mobilize the initiative of all. Leading officials must have a correct understanding of what it means to perform well and do a good job in managing economic work in line with the new development philosophy. Entrepreneurs should boldly lead the way and seize the initiative in market competition with high-quality products and services. All regions and departments must fully implement the decisions and arrangements of the CPC Central Committee, and leverage the results of educational campaigns to thoroughly implement the CPC Central Committee's eight-point decision, so as to provide strong momentum for high-quality development.

Other matters were also deliberated at the meeting.