BEIJING: The fifth plenary session of the 20th Communist Party of China Central Committee will be held in Beijing in October, with a focus on studying major issues on consistently advancing the Party’s full and rigorous self-governance.
The announcement came on Thursday after a meeting of the Political Bureau of the CPC Central Committee, which was presided over by Xi Jinping, general secretary of the CPC Central Committee.
A statement issued after the meeting said that with the profound changes in the international landscape, national conditions and the Party’s development, there are new circumstances and issues in advancing the Party’s self-governance.
In exercising full and rigorous Party governance, efforts should be focused on enhancing the Party’s long-term governance capability, maintaining its advanced nature and integrity, and preserving the close bond between the Party and the people, in order to ensure that the Party always remains the strong leadership core in developing socialism with Chinese characteristics, the statement said.
The meeting also analyzed and studied the current economic situation and made arrangements for economic work in the second half of this year.
During the meeting, the Political Bureau of the CPC Central Committee, the Party’s top decision-making body, pledged to step up macro policy support, and underlined the need to implement a more proactive fiscal policy and a moderately loose monetary policy, fully leverage the effectiveness of existing policies and roll out practical and effective incremental measures in a timely manner.
It is essential to strengthen countercyclical adjustments, intensify efforts to expand domestic demand and optimize supply, enhance development momentum and stimulate social vitality in order to achieve sustained, innovative and improved economic growth, the meeting said.
The meeting emphasized the need to accelerate the pace of fiscal spending and the use of bond funds, effectively utilize monetary policy tools and adjust them in a timely manner, and optimize fiscal-monetary coordination to boost domestic demand.
It is important to expand mutually beneficial international economic and trade cooperation, vigorously develop service trade, and promote balanced trade development, the meeting said, calling for efforts to actively attract and utilize foreign capital. The meeting emphasized the importance of stabilizing the real estate market, while highlighting the need to enhance the resilience of the capital market and investors’ confidence.
China’s economy grew 4.7 percent year-on-year in the first half of the year. This put the country largely on track to meet its annual growth target of between 4.5 and 5 percent.
To effectively carry out economic work for the remainder of the year, efforts must be made to better consider both the domestic and international situations in a coordinated way, balance development and security, consistently deepen reform and opening-up, and speed up the transition from old growth drivers to new ones, the meeting said.
The meeting underlined the need to take solid steps to build the “six networks” — water, new-type power grids, computing power, next-generation communication, urban underground pipe and logistics, while calling for efforts to accelerate the development of a modern industrial system and strengthen long-term and steady support for basic research.
While calling for deeply implementing the “AI Plus” initiative, fostering new forms of the smart economy and improving the governance system for artificial intelligence, the meeting underscored the need to seek breakthroughs in cutting-edge technologies and the development of future industries.
Efforts should be made to build emerging pillar industries, while continuously driving the transformation and upgrading of traditional industries, the meeting said.
The meeting emphasized the need to create a level playing field for market entities, comprehensively address “rat race” competition, further deepen the reform of State-owned assets and enterprises, optimize the development environment for the private economy, and promote the regulated and healthy development of the internet-based platform economy.
It is important to effectively implement a package of debt relief measures, and steadily advance the reform and risk mitigation of local small and medium-sized financial institutions, the meeting said. –The Daily Mail-China Daily news exchange item
