Focus All Reform Efforts on Creating a New Development Dynamic

Focus All Reform Efforts on Creating a New Development Dynamic*

September 1, 2020

We must move faster to create a double development dynamic with the domestic economy as the mainstay and the domestic economy and international engagement providing mutual reinforcement. This is a strategic decision made in the context of the stage, environment and conditions of China’s development, and a systematic and in-depth reform of overall importance. We must continue to make full and good use of reform as a powerful instrument, and press ahead with resolve. The focus of our work is to uphold and improve the socialist system with Chinese characteristics, and to modernize China’s system and capacity for governance. To this end, we will promote in-depth reform and high-standard opening up, which will provide stronger impetus for building the new development dynamic.

To create this dynamic, we have institutional strengths and a firm foundation based on reform. Since the Party’s 18th National Congress in 2012, we have launched a series of major reform measures to implement the new development philosophy, promote high-quality development, and pursue greater opening up, and we have achieved a range of theoretical, institutional and practical outcomes. To make good use of these, we must redouble our efforts, quicken our pace, and tackle deeper-seated problems, so that further reform will deliver substantial results. In brief, we must focus all reform efforts on creating the new development dynamic.

But this will not come easily, as we currently face many new problems. Therefore, with the necessity of reform in mind, we must balance short-term response and medium- to long-term development. We need to formulate a sound strategy, and at the same time make the right moves in key areas of reform. We should accelerate reform programs that increase the efficiency of resource allocation, improve the quality and benefits of development, and mobilize all sectors of society. We must focus on key problems, integrate and coordinate various reform measures for greater efficiency, and remove bottlenecks in policy coordination for overall impact. We should integrate the pursuit of the new development dynamic with the strategy of coordinated regional development and the program of pilot free trade zones, so that regions with the right conditions can pioneer new models of development and become the new drivers of reform and opening up. We need to be forward-looking in our research on reform so as to identify the factors that change the nature of related problems. Always innovative and enterprising, we should follow the right direction and become more proactive and effective in tackling uncertainties. Accordingly, we must be well-prepared, leave more room for policy adjustment, and make our institutions more responsive.

* Main points of the speech at the 15th meeting of the Central Commission for Further Reform.

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