China's reform agenda advances with renewed drive

China has advanced the modernization drive by speeding up its comprehensive reform program since the third plenary session of the 20th Communist Party of China Central Committee in mid-July.

A significant reform resolution that revealed a wide range of reforms was adopted by the session. The nation is moving forward with reforms and advancing progress on several fronts through regular policy rollouts and implementation measures.

The government has unveiled a number of reform documents over the last three months that focus on important issues such as improving people's well-being, creating new, high-quality productive forces, and implementing a green transition in economic and social development.

Initiatives aimed at addressing the nation's many development requirements include the highlights listed below.

This effort's main component, economic reform, has seen aggressive actions. On October 10, for example, a draft law on assisting the private sector was made available for public comment.

With its emphasis on protecting private sector companies and promoting equitable treatment, the draft has received a lot of attention across the country; in a few days, the Ministry of Justice received over 1,000 comments and ideas.

By encouraging the entry of medium- and long-term capital into the market, a guideline released in late September seeks to improve investor returns and the market's intrinsic stability.

Despite growing domestic and international hurdles, these efforts were strengthened by positive macroeconomic data, as the GDP grew 4.8 percent year over year in the first three quarters of this year.

According to Sheng Laiyun, deputy head of the National Bureau of Statistics, a major meeting of the Communist Party of China Central Committee's Political Bureau in late September greatly increased market vitality and confidence through a package of incremental policies.

Reforms focused on high-end technology, high efficiency, and high-quality development are being propelled by the goal of creating new, high-quality productive forces.