"The Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform" adopted by the Third Plenary Session of the 20th Central Committee of the Communist Party of China、Decision to Promote Chinese-style Modernization" (hereinafter referred to as the "Decision")，clarified the importance and necessity of further comprehensively deepening the reform，The overall goal of further comprehensively deepening the reform has been clarified，From the economy、Politics、Culture、Society、Ecological Civilization、National Security、Coordinate the deployment of national defense and the military and other aspects。This plenary session has epoch-making significance，It is the overall plan for China’s reform and development in the next five years，To achieve the grand goal of basically realizing socialist modernization by 2035。This article will focus on analyzing the reform of the economic system，Including five key reform areas and directions。

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One of the advantages of the socialist market economy is the effective use of different economic entities and mechanisms to serve economic development。The "Decision" pointed out that we must "unswervingly consolidate and develop the public ownership economy，Unwavering encouragement、Support、Guiding the development of the non-public economy”，This is the key to building a socialist market economy。On the one hand，State-owned capital and enterprises occupy a dominant position and play a strategic role in important industries and fields related to national security and the lifeline of the national economy。State-owned capital and enterprises are not constrained by short-term profit goals，So that we can better follow the overall and long-term principles for investment and management，In Energy、Railway、Telecom、Finance and other key areas have an indispensable position。These areas often require ultra-long-term large-scale investments，Has huge positive spillover effects on other industries，Related to the basic national economy and people’s livelihood，These are irreplaceable by the private economy。So，The public economy must be continuously consolidated and developed。At the same time，Reform of state-owned enterprises must also be deepened，To improve its efficiency and effectiveness。But the efficiency of state-owned enterprises cannot be measured by simple profit margins bet365 live casino games and other market indicators，Therefore，The "Decision" proposes to "establish an evaluation system for state-owned enterprises to fulfill their strategic missions，Improving the classified assessment and evaluation system for state-owned enterprises，Carry out accounting of added value of state-owned economy”。This will have a major guiding role in the subsequent reform of state-owned enterprises。

On the other hand，Non-public enterprises play an indispensable role in building a socialist market economy。Non-public enterprises are subject to market demand，More flexible and effective resource allocation based on market demand。Since the reform and opening up，The non-public economy has developed significantly，The non-public economy now accounts for more than 50% of fixed asset investment。Although some Western scholars and media falsely claim that China’s economy has been pursuing the policy of “the state advances and the private sector retreats” in recent years，But actually until the end of 2023，The number of private enterprises in China has exceeded 52 million，Accounting for more than 92% of all enterprises。The slowdown in private enterprise investment in recent years has been affected by various factors，Therefore，The signal released by the "Decision" to support the non-public economy is particularly important。The "Decision" announced that it will "formulate a private economy promotion law。Profoundly break down market entry barriers，Promote the fair opening of competitive infrastructure fields to business entities，Improving the long-term mechanism for private enterprises to participate in the construction of major national projects。Support capable private enterprises to take the lead in undertaking major national technological research tasks，Further opening up the country’s major scientific research infrastructure to private enterprises”。These policies and measures will play a major role in the further development of private enterprises。First，Passed the formulation of the Private Economy Promotion Law，The government will focus on solving the core concerns of private enterprises，Including protection of private property rights、Protect the interests of private business owners、Manage delinquent or unpaid payments to private businesses, etc.。Secondly，Promoting market access not only helps fair competition、Enhance the competitiveness of private enterprises，It is also conducive to the development of a unified market。Improvement of factors of production such as capital、Equal access to labor and technology will allow these factors to be allocated more efficiently，bet365 Play online games And promote the healthy growth of private enterprises。At the same time，Equal access to the product market，Especially by breaking down market entry barriers，Will provide a more transparent business environment for various enterprises。Finally，Further opening up the country’s major scientific research infrastructure to private enterprises，Allow private enterprises to play a leading role in the development of emerging and critical technologies，will help achieve the following two important goals。On the one hand，Give private enterprises the opportunity to share the results of national laboratories and basic research，Will stimulate the innovation driving force of private enterprises，Enhance its technical advantages。On the other hand，Improve the capabilities of private enterprises in the commercialization and marketization of emerging technologies。Today，Private enterprises have played a leading role in many emerging and key industries in China，New energy vehicles、New energy vehicles、New materials and digital economy。Looking to the future，Private enterprises can use industrial software、Industrial Internet、Cloud computing、Artificial Intelligence、Expand the leading role in biomedicine and other fields。State-owned enterprises and private enterprises in infrastructure、New urbanization、Cooperation in national projects such as transportation and water conservancy projects will also inject new vitality into these major national projects，Improve production efficiency。

Second，Improve systems and mechanisms to promote high-quality economic development。

Promoting and cultivating new productive forces is the top priority of reform。After decades of rapid growth，China’s economy has entered a stage of high-quality development characterized by innovation and productivity improvement，High-quality development is efficient、Characteristics of inclusiveness and sustainability。The "Decision" pointed out，The current stage of economic development must “promote revolutionary technological breakthroughs、Innovative allocation of production factors、In-depth transformation and upgrading of industry”。New productivity is the basic component and driving force of high-quality development。New productivity is advanced productivity that breaks away from the traditional economic growth model，It is characterized by "high technology、High efficiency and high quality”。To cultivate new productive forces，Need to make breakthroughs in core technology，Develop emerging strategic industries，Including new generation information technology、Artificial Intelligence、bet365 live casino games Aerospace、New energy、New material、High-end equipment、Biomedicine、Quantum technology and other strategic industries。At the same time，General high-tech will be widely used and integrated into a wider range of traditional industries，And improve and integrate the composition and utilization of production factors，Thus promoting the growth of total factor productivity (Total Factor Productivity)。New productive forces help China achieve technological self-sufficiency，Ensuring the efficiency and resilience of the supply chain，and critical to achieving productivity-driven growth。China has made great progress in technological innovation in recent years。According to data from the World Intellectual Property Organization，China’s innovation capability ranks 12th in the world in 2023。China is leading the world’s green transformation，And in green technologies and products，such as electric cars、Industries such as lithium-ion batteries and solar panels dominate。China is reducing its dependence on the real estate industry，And invest production factors into high-tech and green product manufacturing。These new growth engines will not only promote short-term economic growth，It is also crucial to the long-term transformation and development of China’s economy。Only through institutional and structural reforms，In order to ensure the development of new productive forces。This series of reforms includes: cultivating high-tech talents through increasing investment and reforming the education and training system，And deepen the reform of the talent development system and strengthen the talent incentive mechanism；Strengthen financial support for major national science and technology tasks and technology-based small and medium-sized enterprises，Provide convenient and reliable financing for the technology industry；Cultivation and improvement of unified production factors and product markets；Continue to develop the national innovation system，Strengthening colleges and universities、Cooperation and coordination between scientific research institutes and enterprises。In short，China will continue to mobilize all resources，Including financial capital、Human capital、Market and fiscal measures, etc.，Improve the overall effectiveness of the national innovation system，Comprehensively promote the development and growth of new productive forces。

　Third, improve the macroeconomic governance system.

Economic modernization is inseparable from strategic planning、Macroeconomic control and policy coordination。Therefore，Finance、Currency、bet365 live casino games Industry、Price、Employment and other policies must be coordinated。current，Deepening the reform of the fiscal and taxation system is particularly important。Emphasis in "Decision"，"Establish clear rights and responsibilities、Financial Coordination、Regional balanced central and local fiscal relations”。In terms of increasing local fiscal revenue，The "Decision" proposes to "promote consumption tax collection to a later stage and steadily delineate local areas，Improving the VAT refund policy and deduction chain，Optimize the shared tax sharing ratio。Study on urban maintenance and construction tax、Education fee surcharge、Local education surcharges are merged into local surcharges，Authorize localities to determine specific applicable tax rates within a certain range”。At the same time，The "Decision" proposes to "appropriately strengthen the power of the central government、Increase the proportion of central fiscal expenditure。In principle, the central financial power shall be arranged through the central government at its own level，Reduce the central financial power entrusted to local governments。Do not require local governments to arrange matching funds in violation of regulations，It is really necessary to entrust local authorities to exercise power，Arrange funds through special transfer payments”。These measures are a major breakthrough in fiscal reform in recent years，Will resolve the local debt problem、Optimizing the financial system、Strengthen the effectiveness of fiscal policy and play a positive role。

In financial reform，The "Decision" reflects the principle that finance must serve the real economy，Emphasis on “actively developing science and technology finance、Green Finance、Inclusive Finance、Pension Finance、Digital Finance，Strengthening the focus on major strategies、Key areas、High-quality financial services for weak links”。While promoting financial development，It is also necessary to strengthen supervision and risk prevention，Enact financial laws，Effective supervision and accountability of financial activities in accordance with the law，To promote the healthy and stable development of the capital market。

　Fourth, improve the system and mechanism for integrated urban and rural development.

The integrated development of urban and rural areas is an inevitable requirement for Chinese modernization，New urbanization and comprehensive rural revitalization are important reform areas。China has made great progress in urbanization in the past 40 years，China’s urbanization rate has exceeded 66%。Urbanization not only helps promote bet365 Play online games industrial transformation and upgrading as well as productivity growth，It can better improve people’s living standards to achieve the goal of common prosperity。New urbanization needs to further promote rural population transfer，The household registration reform is the prerequisite to ensure the smooth progress of population transfer。The "Decision" points out the need to "promote social insurance for eligible agricultural transfer population、Housing security、Compulsory education and other rights for migrant children are the same as those registered in the place of migration”。This will not only allow the rural population to enjoy more public services，Release consumer demand，Improve their living standards；At the same time，It can also ensure that they can truly live and work in peace and contentment in cities and towns。Also，The "Decision" also pointed out that it is necessary to "protect the land contract rights of farmers who have settled in cities in accordance with the law、Homestead use rights、Collective income distribution rights，Explore ways to establish voluntary paid exit”，These measures can better solve the worries of the rural population，Guarantee their due property income。

The comprehensive revitalization of rural areas also requires systematic and comprehensive deepening of reforms。The "Decision" emphasizes the need to "consolidate and improve the basic rural management system。Promote the pilot project of extending the second round of land contract for another thirty years in an orderly manner after it expires，Deepen the ownership of contracted land、Contracting rights、Reform of split management rights”，Thus "creating clear property rights、Allocate reasonable operating mechanism”。

　Fifth, improve high-level opening-up systems and mechanisms.

Opening up to the outside world is China’s basic national policy，The high-level opening emphasized in the "Decision" has the following characteristics。First，High-level openness means institutional openness，In line with international high-standard economic and trade rules，Create a transparent and stable institutional environment。Second，China will actively participate in the reform of the global economic governance system。Third，Optimize trade structure，Strengthening the digitalization and greening of trade，Effectively improve the level of trade services，Upgrading foreign trade and industry、Combined structural transformation，Building internal and external trade integration。Fourth，Actively and effectively introduce foreign business，Implement the comprehensive lifting of restrictions on foreign investment bet365 Play online games access in the manufacturing sector，Promote telecommunications、Internet、Education、Culture、Organized expansion of opening up in medical and other fields，And protect the rights and interests of foreign investors in accordance with the law。Fifth，Optimize regional open layout，In particular, strengthen cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area。Sixth，The joint construction of the “Belt and Road” mechanism will continue to promote all-round multilateral cooperation，Coordinate and promote major landmark projects and "small but beautiful" people's livelihood projects。

This plenary session accurately grasped the above five key areas of economic reform，These reform measures will effectively improve the weak links of China’s economy，Further leveraging the advantages of the socialist market economic system。Further comprehensively deepening reforms will serve China’s long-term strategic goals，Serving economic modernization，And enhance people’s welfare。These reforms will surely inspire the Chinese people to work together，Work together，Comprehensively promote the great rejuvenation of the Chinese nation with Chinese-style modernization。

(The author is a professor of economics at Willamette University in the United States)