Chinese modernisation, economic trajectory key to discussions at 20th CPC Central Committee Third Plenary Session

By Thandiswa Losi

Media Briefing – 20th CPC Central Committee’s Third Plenary Session

On Tuesday, October 8, 2024 a media briefing was held at The Embassy of the People’s Republic of China in Pretoria, led by Mr Li Yuze, Director of China’s National Financial Regulatory Administration.

During the media briefing official remarks were made regarding the 20th Communist Party of China (CPC) Central Committee’s Third Plenary Session which was held recently in Beijing, marking a critical moment for the country's leadership which saw the gathering of a total of 199 members and 165 alternate members. Under President Xi Jinping's direction, China has made unprecedented progress through reform and opening up during the last ten or more years. China's top policymakers, government officials, and CPC members focused on a wide range of issues, from domestic economic reforms to geopolitical strategies, signalling the Party’s resolve to persist at building an even greater China.

At the heart of the discussions during the Third Plenary Session was China's economic trajectory; sustaining high-quality growth, with Chinese modernisation serving as a crucial anchor for its present and future development. The Plenary Session conveyed a strong signal that China is pursuing high-standard opening-up and that it is willing to share with South Africa new opportunities for openness and development, particularly in the manufacturing, service and financial industries. The Plenary Session suggested that one of the main goals of Chinese modernisation be to protect and improve people's livelihoods during the development process. This shows that China prioritises the market economy founded on fair competition on the one hand, and the sensible distribution of resources and the advancement of social welfare on the other, protecting all groups.

In order to increase domestic demand, foster innovation, and lessen reliance on foreign markets and technology, President Xi Jinping—who occupies a pivotal position within the Party and has spearheaded major policy changes in recent years—emphasized the necessity of structural reforms. The plenary session discussed initiatives to boost small and medium-sized businesses (SMEs), promote more balanced regional growth, and carry out financial sector reforms.

China’s efforts at increasing overall performance of its innovation system also took centre stage. As global competition in advanced technologies such as artificial intelligence, semiconductor manufacturing, and clean energy intensifies, the CPC leadership has prioritized greater investment in research and development, enhancing educational outcomes in science and engineering, mobilizing resources nationwide to make key technological breakthroughs, and nurturing domestic technology companies to compete on the global stage.

Social stability is another cornerstone of the Party’s agenda, the plenary session reiterated the Party’s goal of ensuring “common prosperity,” a policy concept championed by President Xi Jinping that aims to reduce the wealth gap between China’s urban and rural populations, as well as among various economic strata. Rural revitalization, particularly in less developed regions of the country, was discussed extensively, with a focus on improving infrastructure, education, healthcare, and job opportunities in these areas. The session emphasised the importance of improving basic rural operation and support systems to strengthen agriculture, benefit farmers, enrich rural areas, and deepen reform of the land system. In the context of urbanization, the Party leaders also emphasized the importance of improving urban living environment, such as tackling pollution and expanding access to affordable housing.

The Third Plenary Session also focused on internal discipline and party governance. Numerous officials at all levels of government have been investigated and punished as a result of the CPC's extensive anti-corruption drive in recent years. The meeting emphasised the necessity of ongoing initiatives to advance efficiency, discipline, and transparency within the Party. Promoting global peace and justice will undoubtedly be greatly aided by the ongoing development and expansion of a China that is committed to upholding moral justice.

The Third Plenary Session also focused on China’s position in a rapidly evolving global political environment. The CPC leadership has reiterated its commitment to a multilateral approach to foreign policy, while asserting China’s growing influence in global governance.

Beijing has actively sought to expand its reach through initiatives such as the Belt and Road Initiative (BRI), which aims to strengthen infrastructure and trade connectivity across Asia, Africa and other parts of the globe. It was reiterated at the media briefing held in Pretoria, that China is ready to work with South Africa to deepen cooperation within the framework of the BRICS and FOcAc, and to assist South Africa to achieve the goals of its National Development plan 2030. China and South Africa share a broad consensus on promoting world peace and stability and upholding the basic norms governing international relations. China is willing to continue close communication and exchanges with South Africa in international affairs, strengthening coordination and cooperation within multilateral frameworks such as the United Nations, the BRICS Cooperation Mechanism and the G20, and promote the common development of the countries of the 'Global South'.

With Xi Jinping at the helm, the Party has signalled its readiness to double down on reforms, ensure stability, and strengthen China's position globally. The plenum reflects the CPC's firm determination to promote Chinese modernization, releasing a strong signal of deepening reform and opening-up and promoting high-quality development, and brings abundant confidence in development to the international community including South Africa. The path forward will be shaped by how effectively the Party can balance the often competing priorities of economic growth, social stability, and geopolitical strategy. The decisions made at the Plenary Session will play a critical role in determining China's trajectory in the years to come.

* Thandiswa Losi is a freelance columnist.

** The views expressed do not necessarily reflect the views of IOL or Independent Media.