Source: Global Times Published: 2024-07-11

By Global Times

Editor's Note: The Communist Party of China (CPC) will convene, on July 15 in Beijing, the third plenary session of its 20th central committee, which is expected to focus on deepening reform and advancing Chinese modernization. John Ross, senior fellow at Chongyang Institute for Financial Studies, Renmin University of China, shared his perspectives with the Global Times (GT) on his expectation on the upcoming meeting.

GT: How do you assess the significance of the coming Third Plenum for China's economic development and reform over the next decade, as the country faces growing geopolitical complexity in the world?

John Ross: The upcoming plenum is of great significance for both domestic and international reasons. Domestically, China has already achieved its first centenary goal - building a moderately prosperous society in all respects by its national standards. If China manages to double its per capita income by 2035 compared to 2020, it will well exceed the threshold for a high-income economy by international standards.

The living standards, life opportunities, demands, and expectations of China's population will have increased enormously. The Chinese economy will correspondingly become far more diverse and complex. Achieving such a transformation in a country with 1.4 billion people - surpassing the combined populations of all other high-income economies - will stand as an unprecedented achievement in human history. This historical perspective underscores the profound significance of the plenum.

GT: In light of the opportunities and challenges ahead for China's economy, how do you anticipate the Plenum will guide and advance economic reforms in critical areas such as technological innovation, capital market regulation, and accelerate the private sector, real estate, and opening-up?

John Ross: China's transition to a high-income economy requires a sustained increase in high-quality productivity, achievable only through substantial investments in research and development and the application of its outputs. This shift is already being realized in multiple sectors such as telecommunications, green industries, high-tech products such as drones, and social platforms.

The Plenum will need to set forth guidelines for the widespread adoption of these advancements throughout the entire economy. China's technological leadership in these and other industries forms the foundation for its evolving role in the global economy and consequently as a leading technological innovator in its opening-up policies.

GT: How do you evaluate the role of the CPC's leadership and institutional advantages in contributing to the country's economic achievements and future development?

John Ross: The remarkable transformation of China, from being one of the world's poorest countries in 1949 to emerging as a high-income economy within just over 70 years is entirely credited to the pivotal role and visionary leadership of the CPC. No other political party in the world can claim a comparable achievement. This stands as an objective fact.

GT: What are your expectations regarding the Plenum's role in advancing China's distinctive modernization?

John Ross: Throughout each phase of its journey, from lifting China from near-poverty in 1949 to achieving high-income status, the country has consistently encountered diverse and evolving challenges. The CPC's resilience and vitality are evidenced by its ability to devise precise and effective responses to these challenges at every turn, as evidenced by the significant milestones achieved in China's economic and social advancement. Looking ahead, I am confident that the upcoming Third Plenum will mark another crucial step forward in this on-going transformative process.