Chinese President Xi Jinping
Image: Supplied
WU PENG
Recently, the third plenary session of the 20th Central Committee of the Communist Party of China was successfully held in Beijing.
The plenum was held at a critical time as China advances the cause towards a strong and prosperous country and national rejuvenation in all respects through Chinese modernization. It drew up a grand blueprint for further deepening reform comprehensively to advance Chinese modernization, and demonstrated the strong determination of the CPC Central Committee with Comrade Xi Jinping as the core to reform in the end.
It is not only a continued practice of deepening reform comprehensively, but also a new chapter of advancing Chinese modernization on the new journey. More than 300 important reform initiatives were put forward, which captured worldwide attention and carried global significance.
As China makes steady efforts to deepen reform, how can we seize opportunities of the times and grasp new opportunities that Chinese modernization brings to the world? I would like to share a few observations with our friends in South Africa. First, we must embrace the new journey of deepening reform.
The theme of this plenum is further deepening reform comprehensively to advance Chinese modernization. President Xi Jinping emphasized at the meeting that, in the face of new circumstances and new tasks, it is necessary to deepen reform comprehensively. We must continue to improve institutions in all respects, consolidate our foundations, leverage our strengths, remedy our shortcomings and overcome our weaknesses, and continue to better transform our institutional advantages into the efficacy of our governance.
After more than 40 years of reform and opening-up, especially as we continue to deepen reform presently, China’s market players continue to witness increased vitality, and China’s economic resilience continues to become stronger. In 2023, China’s economy withstood external pressures and overcame internal difficulties. Our GDP exceeded 126 trillion yuan, a year-on-year increase of 5.2%, contributing to one-third of global growth. This year, as economic reforms continue to deepen and macro policies continue to show results, the momentum of the Chinese economy’s rebound continues to strengthen.
Production rises steadily, and demand continues to recover. New industries, new models and new driving forces are growing at a faster pace.
Guided by the spirit of the plenum, China is planning and implementing a series of major steps for comprehensively deepening reform, and steadily fostering a market-oriented, law-based and world-class business environment. This will create broader development space for global businesses.
Second, we need to expand new dimensions of opening up. It was stated at the plenum that opening up is a defining feature of Chinese modernization. We will 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 cooperation under the Belt and Road Initiative.
Leveraging the strengths of China’s enormous market, we will enhance our capacity for opening up while expanding cooperation with other countries and develop new institutions for a higher-standard open economy.
In China, there are now over 400 million people in the middle-income bracket, and the number is expected to reach 800 million in the next decade or so.
There is steady growth in residents’ income and consumption, and strong driving force for upgrading consumption. China’s growing market size and depth lead to adequate space, great potential and promising future for high-quality development, and will provide domestic and foreign investors with enormous market opportunities and broad prospects.
Third, we need to seize the historic opportunity of high-quality development. High-quality development is our primary task in building China into a modern socialist country in all respects. It is also essential for Chinese modernization. The report of this plenary session made it a special focus to “improve the system and mechanism for promoting high-quality economic development”.
As an important powerhouse of world economic growth, China will not only develop itself, but also inject more and greater power into the world’s economic recovery and growth by cultivating and developing new quality productive forces.
Newly-appointed Chinese Ambassador to South Africa Wu Peng.
Image: Supplied
A few weeks ago, the 78th UN General Assembly reached a consensus by adopting a resolution spearheaded by China on enhancing international cooperation for artificial intelligence (AI) capacity building, with over 140 countries, including South Africa, saying yes. Last month, China’s Chang’e 6 mission collected rock samples from the moon’s far side for the first time, reaching a milestone in the world’s history of lunar exploration.
Under the grand plan to further deepen reform comprehensively, the Chinese government is further expanding opening-up with high standards, and at the same time continuing to push for technological, industrial and institutional innovation, to accelerate the development of new quality productive forces with pragmatic measures. China’s broad prospects of capacity upgrading will bring new and bigger market opportunities for the world.
Fourth, we must follow the right path of peaceful development. It was stressed in the resolution that Chinese modernization is the modernization of peaceful development.
We are dedicated to promoting a human community with a shared future. We will stay committed to the common values of all humanity, pursue the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative, and call for an equal and orderly multipolar world and universally beneficial and inclusive economic globalization.
We will resolutely safeguard China’s sovereignty, security, and development interests and foster a favourable external environment for further deepening reform comprehensively to advance Chinese modernization.
In exploring the pathway to modernization, China always seeks theoretical and practical innovations in following the path of peaceful development. We advocate the peaceful settlement of international disputes through consultation and dialogue.
After we facilitated the resumption of diplomatic relations between Saudi Arabia and Iran, last week, we succeeded again in having the Palestinian factions to meet in Beijing and agree to end division and form a national unity government. We also took the initiative to invite Ukraine’s Foreign Minister to visit China.
Chinese Foreign Minister Wang Yi exchanged views with him on political settlement of the crisis. We encourage more countries in strife to shake hands and make peace. I would like to stress that we hold high the banner of peace, development and win-win cooperation. This is determined both by our system and by our culture.
In recent years, we continue to expand our level of openness as we make continuous efforts to deepen reform. The bilateral trade between China and South Africa has increased by about 35 times since we established diplomatic relations 26 years ago, reaching 55.6 billion US dollars last year. South Africa exported products worth 32 billion US dollars to China. For the past 15 years in a row, China has been the largest trading partner for South Africa.
Likewise, South Africa has now been China’s largest trading partner in Africa for 14 years straight. From January to May this year, South African exports to China were 15.3 billion US dollars, up 14 percent year on year. In recent years, South Africa is exporting more and more products to China. Our two sides are now working to sign export protocols for yet more South African goods, including wool, dairy products, pet food, and aquatic products.
The booming new energy industry is a vivid example of China’s high-quality development. At a crucial moment when South Africa is transitioning to green energy, Chinese companies like Goldwind and Longyuan Power have entered the South African market, building and operating multiple wind power projects in several provinces.
These projects, with an installed capacity exceeding 250 megawatts and an annual power generation efficiency of over 1 billion kilowatt-hours, are delivering electricity to thousands of South African households and creating numerous jobs, bringing tangible benefits to the local industrial chain.
Reform is a great undertaking that requires unity. President Xi Jinping’s report at this plenary session demonstrates a strong determination to further deepen reform comprehensively to open up broad prospects for Chinese modernization. It has great significance in theory, in practice and in our times.
President Nelson Mandela once talked about how he faced changes, “It always seems impossible until it’s done.” At a moment when China and South Africa are both making reform efforts, these words are more relevant than ever.
Wu is the Ambassador of the People’s Republic of China to South Africa.