THE Communist Party of China’s central committee adopted a resolution at its third plenary today to deepen efforts to modernise the country’s economy.

A communique on the Beijing meeting stated: “By 2035, we will have finished building a high-standard socialist market economy in all respects, further improved the system of socialism with Chinese characteristics, generally modernised our system and capacity for governance — and basically realised socialist modernisation.”

It said that this approach would lay a solid foundation for building China into a great modern socialist country by the middle of the century.

The plenary agreed its deadline for reform measures to be fully in place was the 80th anniversary of the founding of the People’s Republic of China in 2029.

Delegates agreed that market restrictions would be lifted while “effective regulation will be ensured to better maintain order in the market and remedy market failures.” 

The plenary also outlined plans to deepen reform in education as well as in scientific and technical areas to support innovation. 

The communique described the continuing process of opening up as a “defining feature of Chinese modernisation.”

It said the CPC would “steadily expand institutional opening up, deepen the foreign trade structural reform, further reform the management systems for inward and outward investment, improve planning for regional opening up and refine the mechanisms for high-quality co-operation under the Belt and Road Initiative.”

Carlos Martinez, from Friends of Socialist China, welcomed the outcome of the plenary.

Mr Martinez said the plenary would “play a significant role in setting the country’s economic agenda for the coming years.”

He added: “China will continue with its focus on new productive forces and will continue to place ecological issues at the heart of its decision-making.”