The Third Plenary Session of the 20th CPC Central Committee Has Launched a New Round of Economic System Reform in China

The third plenary session of the 20th Central Committee of the Communist Party of China (CPC) has made systematic arrangements to further deepen comprehensive reforms, proposing reform tasks in 14 aspects. These reforms are not just about policy adjustments; they aim to transform the economic system and key institutions, emphasizing the direction of “regarding economic structural reform as the spearhead.” It is particularly noteworthy that the meeting set a “deadline” for the completion of tasks, with all reform tasks expected to be completed by 2029, demonstrating a strong will and execution capability.

“Building a high-level socialist market economy system” is the first among this set of reform tasks. “It is imperative to better leverage the role of market mechanisms to create a more equitable and dynamic market environment, achieving the optimization of resource allocation efficiency and the maximization of benefits.” Here, the dual objectives of the socialist market mechanism are highlighted: not only to enhance the efficiency of resource allocation but also to consider broader benefits. Both the vitality of the market and fairness must be ensured. Over the past few decades, major countries around the world have generally faced the challenge of widening income gaps and intensifying social inequality. The dual objectives set in the first reform task underscore that the starting point and the ultimate objectives of the reform are “greater social fairness and justice and improvements in the people’s wellbeing.”

Enterprises are the mainstay of the market economy. In every significant meeting, the articulation of the relationship between the public and non-public sectors of the economy has always been a focal point of concern for both domestic and international circles. This plenary session once again reaffirmed the “two unswervings,” which means unswervingly consolidating and developing the public ownership economy, and unswervingly encouraging, supporting, and guiding the development of the non-public ownership economy. Specifically, it is stated that “economic entities under all forms of ownership have equal access to factors of production in accordance with the law, compete in the market on an equal footing, and are protected by the law as equals.” This implies that non-public economic entities, including private enterprises, will compete on an equal footing with public ownership enterprises in terms of financing, credit enhancement, and the use of factors of production such as scientific research infrastructure, based on the law. The aim is to support and guide various enterprises to improve the efficiency of resource utilization and to accelerate the construction of more world-class enterprises.

“Perfecting the system and mechanism for promoting high-quality economic development” is the second aspect of this set of reforms, with the key being to “improve the institutions and mechanisms for fostering new quality productive forces in line with local conditions,” focusing on the development of productive forces characterized by high technology, high efficiency, and high quality. Adapting to local conditions means that each region should leverage its comparative advantages, resource conditions, and industrial foundations to selectively promote the development of new industries, new models, and new drivers of growth. It is also necessary to encourage and regulate the development of angel investment, venture capital, and private equity investment to guide the healthy and orderly development of emerging industries through market-oriented means. As the vanguard of China’s reform and opening up, a hub for talent, and a center for the convergence of financial and other resources, Shanghai is accelerating the construction of a center for technological innovation. Artificial intelligence is a strategic industry that Shanghai is focusing on promoting. With the recent World Artificial Intelligence Conference held at the beginning of the month as a benchmark, Shanghai is gathering top global talent and resources, building an industrial ecosystem, developing a rich array of application scenarios, and forming an artificial intelligence innovation hub with international competitiveness.

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中国共产党二十届三中全会对进一步全面深化改革做出系统部署，共提出了十四个方面的改革任务。这些改革不仅仅是调整政策，而是要改革经济体制和重要的制度，强调“以经济体制改革为牵引”的导向。尤其值得注意的是，会议设定了任务完成的“截止日期”，到2029年这些改革任务都要完成，显示出强烈的执行意愿和执行力。

“构建高水平社会主义市场经济体制”是这一组改革任务中的第一条。“必须更好发挥市场机制作用，创造更加公平、更有活力的市场环境，实现资源配置效率最优化和效益最大化”。这里突出了社会主义市场机制的双重目标，既要实现资源配置的效率也要兼顾更广义的效益，既要使市场有活力、也要保证公平。过去几十年中，全球主要国家普遍面临收入差距扩大、社会不平等加剧的难题。第一条改革任务中确定的双重目标，突显了改革的出发点和落脚点是“促进社会公平正义、增进人民福祉”。

企业是市场经济的主体，在历次重要会议中，对于公有和非公有制经济关系的表述，一直是国内外各界关注的焦点。本届全会再度重申“两个毫不动摇”，即毫不动摇巩固和发展公有制经济，毫不动摇鼓励、支持、引导非公有制经济发展。具体而言，“保证各种所有制经济依法平等使用生产要素、公平参与市场竞争、同等受到法律保护”。这意味着，包括民营企业的非公有制经济主体，在融资、增信、使用科研基础设施等重要的生产要素时，将依据法律与公有制企业同等竞争。目的是要支持和引导各类企业提高资源要素利用效率，加快建设更多世界一流企业。

“健全推动经济高质量发展体制机制”是这组改革中的第二方面，其中的关键是“健全因地制宜发展新质生产力体制机制”，发展以高技术、高效能、高质量为特征的生产力。因地制宜，意味着各个地方要用好各自的比较优势、资源条件、产业基础，有选择地推动新产业、新模式、新动能发展。也要鼓励和规范发展天使投资、风险投资、私募股权投资，以市场化的手段引导新兴产业健康有序发展。作为中国改革开放的排头兵、人才的集聚地、金融等资源汇聚中心，上海正加快推进科技创新中心的建设。人工智能是上海着力推动的战略性产业，以月初刚刚召开的世界人工智能大会为名牌，集聚全球顶尖人才和资源、构建产业生态、开发丰富的应用场景，形成具有国际竞争力的人工智能创新高地。

作者：同济大学经济与管理学院钟宁桦教授、钱一蕾

来源：ShanghaiEye 2024-07-23