CPC Meeting Shapes China’s Future

The Fifth Plenary Session of the 18th CPC Central Committee on October 26-29 set the guidelines for advancing socialist modernization and deepening reforms under the new historical conditions.

In view of unprecedented and complex circumstances, both domestically and internationally, China must adopt new development notions and approaches to planning its future. The recently released CPC proposals for the 13th Five-year Plan set the strategies and targets for China’s development over the coming years. Priority items include reforms to state-owned enterprise (SOE), to the financial sector, and to the taxation system.

According to the proposals, China’s main tasks over the next five years will be to maintain medium-to-high growth, transform the economic growth pattern, and optimize the industrial structure, all of which entail reform to SOEs. The Fifth Plenary Session vowed to improve the management system of various kinds of state assets.

On September 13 the CPC Central Committee and the State Council issued a guideline on deepening SOE reforms. This signifies finalization of the top-level design of the reform and its acceleration. The reforms will have positive impact on the businesses involved, and also on the future of the Chinese economy.