Source: Global Times Published: 2024-08-21

By Peter Koenig

The 20th Central Committee of the Communist Party of China concluded its third plenary session in Beijing last month. One of its principal objectives was to study the issue of further deepening reform comprehensively to advance Chinese modernization. This comes at a time when much of the Western world is falling apart by mostly self-ignited and auto-propelled conflicts and proxy wars, 'sanctioning' countries that don't conform to the hegemon's wishes.

While the West is self-destructing, China is 'modernizing' and opening up its outlook and activities to the rest of the world - one could say as a helping hand to seek global harmony and peace, while at home unifying behind a stable and sound economy.

The meeting emphasized that the present and the near future constitute a critical period for our endeavor to build a great country and move toward national rejuvenation on all fronts through Chinese modernization. As Chinese modernization has been advanced continuously through reform and opening-up, it will surely embrace broader horizons through further pushing this policy. The Belt and Road Initiative (BRI) is already in the process of being implemented. In fact, the outlook, opening-up and peaceful inclusion of other countries and regions had already started in 2013. It spans the globe with at least six nation-connecting transportation infrastructure schemes via land, sea and air, through Eurasia, the Middle East, Africa and Latin America.

To promote Chinese modernization, Beijing has drawn a blueprint and given concrete initiatives. Essentially, the act of modernizing and opening-up includes, at home, the implementation of the Five-Sphere Integrated Plan and the Four-Pronged Comprehensive Strategy, meaning promoting and deepening economic, political, cultural, social and ecological advancement under law-based self-governance. It also includes supporting broad and country-wide security and high-quality development, ensuring people's wellbeing and social stability, protecting the environment as well as further development of national defense and the armed forces.

Internationally, China seeks to pursue diplomacy with Chinese characteristics. BRICS and Global South are two very important platforms for cooperation. One of the Chinese proposals in cooperation with Russia is the expansion of BRICS to the currently BRICS Plus, which is expected to be further enlarged.

This is part of China's modernization with a national, as well as international, and peaceful, platform. Modernization is also aiming at de-dollarized currencies, for example, a common BRICS trading currency, strengthening the Global South, gradually moving it away from the fangs of the Western dollarized economy.

The Western dollarized monetary system has become a worldwide Ponzi scheme, that over the past few decades has grown to become a power-grabbing system, able to strangle and penalize countries seeking sovereignty, rather than having to bow to the Western hegemonic powers.

These moves of modernization and opening-up - with Chinese characteristics - are peaceful, non-aggressive and non-expansive, with each partner within the Global South and within the BRICS, maintaining her own sovereign autonomy, and their own sovereign monetary system.

The steady advance of modernization will lead China into a high-standard market economy. The expansion of the market economy will concentrate on BRICS and the Global South. It will also focus on the ASEAN nations, in particular the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement, comprising fifteen countries.

The reform process includes assessing the implementation of the 14th Five-Year Plan (2021-2025), leading smoothly to the 15th Five-Year Plan (2026-2030). It is expected to be completed when the People's Republic of China celebrates its 80th anniversary in 2029.

The new era has already begun. It will continue building China into a modern socialist country by the middle of the century. China is advancing peacefully into a higher level of long-term governance at home. It is also providing diplomatic assistance internationally for those nations or societies that want to benefit from China's aura and experience of peaceful development and coexistence.