Reform and opening-up indispensable in pursuit of high-quality development

The year 2024 marks a crucial year for comprehensively deepening reform. Facing the unfavorable factors restricting highquality development, and the bottlenecks and obstacles hindering economic recovery, the nation must further deepen reform and form a new type of production relations that are compatible with the development of new quality productive forces.

Only by doing so can the nation continuously stimulate its market vitality, enhance its endogenous driving forces, release its demand potential, and continuously inject strong momentum to accelerate its modernization.

Focusing on stimulating the vitality of various business entities, China has listed some key tasks including deepening the reform of State-owned enterprises, increasing the proportion of loans to private enterprises and eliminating local protectionism and market segmentation.

Focusing on accelerating the construction of a unified national market, the nation has clearly raised measures that focus on promoting the unification of institutional rules in areas such as property rights protection, market access, fair competition and social credit. The country is specifically addressing the “tough nuts” affecting people’s well-being such as income distribution, social security, healthcare and elderly care.

The more China develops, the more it needs to expand its high-level opening-up. Although economic globalization is currently encountering setbacks, with “decoupling” and “de-risking” hindering the global economic recovery and geopolitical risks rising, the overall trends of peace and development have not changed, and people’s common aspiration for a better life has not changed.

Facing the temporary “headwinds” and “setbacks” to globalization, the nation must make full use of its own advantages, enhance the linkages between domestic and international markets and resources, and improve the quality and level of trade and investment cooperation.

China needs to steadily expand institutional opening-up in areas such as rules, regulations, management and standards, deeply implement cooperation, actively participate in global economic governance and promote the deeper integration of opening-up and reform.