The Communist Party has identified “promoting high-quality development” as the main task “to build China into a great modern socialist country,” a party communiqué issued in Beijing on Thursday said.
The statement followed the third plenary meeting of the party’s Central Committee, which usually meets every five years to map out China’s economy for the coming period.
The statement released after the four-day session was limited to generalities, with concrete measures likely to emerge only in the coming weeks and months.
Observers’ expectations were confirmed that President Xi Jinping would use the meeting to underscore efforts to transform China into a high-tech power. “It was said that education, science and technology, and talent serve as a foundation and strategic basis for China’s modernization,” the statement said.
The Central Committee’s report specifically referred to the development of “new productive forces of high quality.” The term refers to stimulating economic development through the creation of modern industrial sectors.
Acute economic problems were also addressed, with reference to the implementation of “various measures to prevent and reduce risks in real estate, local government debt, small and medium-sized financial institutions and other key areas.”
The statement also called for intensifying “efforts to improve conduct, build integrity and combat corruption; and to work with tireless perseverance to implement reforms.” The aim is to complete the reforms by 2029, the 80th anniversary of the founding of the People’s Republic.
Problems Beijing is facing include low consumption as families save for an uncertain future, and the ongoing housing crisis. Young Chinese are also struggling to find work.
