High-standard socialist market economy to provide important guarantee for Chinese modernization

(ECNS) -- A high-standard socialist market economy will provide an important guarantee for Chinese modernization, according to the Communique of the Third Plenary Session of the 20th Central Committee of the Communist Party of China(CPC) issued on Thursday.

At the session, the Central Committee made systematic plans for further deepening reform comprehensively with the emphasis on building a high-standard socialist market economy, promoting high-quality economic development, supporting all-around innovation, improving macroeconomic governance, promoting integrated urban-rural development, pursuing high-standard opening up, advancing whole-process people's democracy, promoting socialist rule of law with Chinese characteristics, deepening reform in the cultural sector, ensuring and improving the people's wellbeing, deepening reform in ecological conservation, modernizing China's national security system and capacity, deepening national defense and military reform, and improving the Party's leadership in further deepening reform comprehensively to advance Chinese modernization.

It was stated that “We must better leverage the role of the market, foster a fairer and more dynamic market environment, and make resource allocation as efficient and productive as possible. We will lift restrictions on the market while ensuring effective regulation, striving to better maintain order in the market and remedy market failures.By doing so, we will ensure smooth flows in the national economy and unleash the internal driving forces and creativity of our society as a whole.”

The Communique said China will unswervingly consolidate and develop the public sector and unswervingly encourage, support, and guide the development of the non-public sector. “We will ensure that economic entities under all forms of ownership have equal access to factors of production in accordance with the law, compete in the market on an equal footing, and are protected by the law as equals, thus enabling entities under different forms of ownership to complement each other and develop side by side. We will build a unified national market and refine the systems underpinning the market economy,” it was said.