🚀 In 2024, China is making major moves! The country is diving deep into reforms and opening up like never before. The third plenary session of the 20th Central Committee of the Communist Party of China (CPC) kicked off a fresh chapter in China's journey toward modernization.
Chinese President Xi Jinping has been on the move this year, emphasizing the need for comprehensive reforms. During his visits across the nation, he highlighted that \"Reform is the driving force for development.\"
Over 300 New Measures 💡
This year, China rolled out over 300 measures covering everything from the economy and politics to culture and national security. These steps are all about boosting development and modernizing governance.
Right after the big meeting in July, things got rolling! The Ministry of Justice and the National Development and Reform Commission (NDRC) shared a draft of the private sector promotion law to get everyone's thoughts. If it passes, it'll be the first law focused on boosting the private economy.
Plus, the NDRC relaxed market access and laid out plans for a unified national market. Talk about progress!
Facing Challenges Head-On 🛠️
President Xi mentioned in October that \"the requirements for reform and opening up, both in depth and breadth, are higher than ever before.\" He urged the nation to keep up with the changing times and continue opening up to the world.
This year, China's economy faced some hurdles due to global complexities and shifts at home. But the government wasn't sitting still! They launched policies to boost the economy, support businesses, and energize the real estate market.
In November, lawmakers approved a plan to help local governments manage debts. This means more funds for development and less financial stress for local authorities.
And guess what? These moves are paying off! By the fourth quarter, people were spending more, markets were buzzing, and businesses felt more optimistic.
Boosting Global Trade 🌐
China is also stepping up its game in foreign trade. President Xi encouraged efforts to attract more foreign investment and find new growth drivers.
Despite a sluggish global trade scene, China introduced policies to support international businesses, promote e-commerce, and even offered better visa policies for entrepreneurs.
This year, China's trading partners grew to over 150 countries and regions. From January to November, imports and exports hit a whopping 39.79 trillion yuan ($5.6 trillion), up 4.9% from last year! 📈
China also trimmed down its negative list, making it easier for foreign investors to enter various sectors like healthcare and data services. Now, foreign-owned hospitals can set up in nine cities, and investors can dive into data centers and online processing.
Plus, China offers zero-tariff treatment to the least developed countries it's friendly with. Talk about a win-win!
Reference(s):
China in 2024: Major progress in deepening reform and opening up
cgtn.com
