Implement the spirit of the Third Plenary Session of the 20th CPC Central Committee and interpret Xi Jinping’s Economic Thoughts with deep study and practice

The Third Plenary Session of the 20th Central Committee of the Communist Party of China recently approved the “Decision of the Central Committee of the Communist Party on Further Comprehensively Deepening Reform and Advancing Chinese-style Modernization.” This decision centers on the theme of Chinese-style modernization and lays out systematic plans for deepening reforms. We need to thoroughly study and implement the spirit of the conference, guided by Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era, while deeply understanding and applying Xi Jinping’s Economic Thought. By focusing on economic system reform, we can drive high-quality economic and social development, thus providing robust动力和制度保障 for Chinese-style modernization.

To effectively integrate the spirit of the 20th Central Committee’s Third Plenary Session with a deep understanding of Xi Jinping’s Economic Thought, we have identified five key areas for improving our grasp and comprehension.

First, we must firmly understand the comprehensive leadership of the Party as the fundamental guarantee. Xi Jinping’s Economic Thought emphasizes the necessity of the Party’s overall leadership in economic work, highlighting essential principles for socialist economic construction. Since the 18th National Congress, General Secretary Xi has steered the direction of economic management and reform, establishing a centralized and unified leadership framework. As we embark on a new journey, it is vital to appreciate the decisive significance of the “two establishments,” enhance our “four consciousnesses,” bolster our “four confidences,” and ensure the “two safeguards,” all while steering socialist economic construction in the right direction.

Second, we need to clearly understand the goals driving Chinese-style modernization. Since the 20th National Congress, General Secretary Xi has delivered significant insights into the unique characteristics and essential requirements of Chinese-style modernization. As we progress, we must align with the Party’s strategic deployment on this front, committing to achieving basic socialist modernization by 2035 and fully realizing a strong socialist modern nation by the mid-21st century. We should center our efforts on economic development, prioritize high-quality growth, and expedite the construction of a modern economic system, turning the grand vision of Chinese-style modernization into tangible reality.

Third, it is critical to grasp the guiding principles for economic development in the new era. Xi Jinping’s Economic Thought introduces a people-centered development approach, rooted in the new development stage, and emphasizes high-quality development as a core principle. It clarifies critical issues regarding the purpose, motivation, and pathways for development. As we move forward, we need to steadfastly uphold these guiding principles and apply them across all areas of economic and social development.

Fourth, we must understand the strategic measures for economic work in the new era. Xi Jinping’s Economic Thought outlines significant decisions to enhance the socialist economic system, develop high-quality productive forces, and implement key national development strategies. The Third Plenary Session has established over 300 major reform initiatives, setting out tasks to be completed by the 80th anniversary of the People’s Republic of China in 2029. It is essential to deeply comprehend the strategic intent of the Party Central Committee and transform these decisions into concrete outcomes that drive high-quality economic development.

Fifth, we need to apply effective thought processes and methodologies. Xi Jinping’s Economic Thought emphasizes a stable yet progressive working tone, integrated systems thinking, goal-oriented approaches, and a focus on practical results. These strategies provide a scientific guide to navigating risks and challenges while fostering long-term economic stability. Moving forward, we must emphasize the regulatory aspects of economic work, prioritize systemic integration, and continuously strive to improve the quality and standards of our economic activities.

In recent years, the National Development and Reform Commission has adhered to Xi Jinping’s Thought as a guiding principle for macroeconomic management and coordination, promoting high-quality economic development. Looking ahead, we will focus on five key areas:

First, we’ll enhance research and economic analysis, strengthening monitoring and forecasting while improving policy communication and responses to public concerns.

Second, we’ll focus on implementing long-term planning and annual objectives, aligning them with national strategies and ensuring targets are met.

Third, we’ll manage investments and project implementations effectively, boosting domestic demand and steering major construction projects forward.

Fourth, we’ll promote reforms and innovation, deepening state-owned enterprise reform, advancing private sector laws, and fostering a unified national market.

Fifth, we’ll coordinate development strategies and balance regional growth, emphasizing integrated urbanization and rural revitalization efforts, while ensuring public services are effectively delivered.

It is crucial that we cultivate a strong collective effort in deeply studying and interpreting Xi Jinping’s Economic Thought. This means enhancing our research methodologies and promoting a broad range of applications. Moving forward, we will prioritize comprehensive organization and collaboration to ensure effective implementation in understanding and applying this essential economic thought.

We will continue to fulfill our responsibilities at the Xi Jinping Economic Thought Research Center, striving to be a key platform and think tank for studying, promoting, and interpreting Xi Jinping’s Economic Thought, and lead the charge in deepening our understanding and application of this significant ideology.

(Zheng Zhanjie, Author, Secretary of the Party Leadership Group and Director of the National Development and Reform Commission, Chairman of the Xi Jinping Economic Thought Research Center)