China's determination to deepen reform to bring more development opportunities for world: commentary

China's determination to further deepening reform comprehensively made at the just concluded third plenary session of the 20th Central Committee of the Communist Party of China (CPC) will bring more opportunities for global development, said a China Media Group (CMG) commentary published on Friday.

An edited English-language version of the commentary goes as follows:

The third plenary session of the 20th CPC Central Committee was held in Beijing from Monday to Thursday.

The most important outcome from the session is the adoption of a resolution on further deepening reform comprehensively to advance Chinese modernization, which clarified the overall objective, timetable and road map and made systematic outlines for further deepening reform comprehensively. The resolution has charted the course for pursuing Chinese modernization on the new journey ahead and demonstrated the world China's determination to carry out the reforms which will surely result in win-win development opportunities.

Commentators said that the session marks a new milestone in China's deepening reform. Modern Diplomacy, a leading European opinion-maker, said that "The outcomes of this session will undoubtedly shape the future of China and, by extension, the world."

The third plenary session of the 11th CPC Central Committee held 46 years ago opened the new historical era of reform, opening up and socialist modernization, while the third plenary session of the 18th CPC Central Committee held 11 years ago started the new period of comprehensively deepening reform and advancing reform with systematic overarching plans, breaking new ground for China's reform and opening up.

The more than 2,000 reform plans rolled out over the past decades have profoundly impacted China's economic and social development, as well as the international landscape.

Taking the economic and trade sector as an example, China has now become a major trading partner of more than 140 countries and regions, with its average annual contributions to world economic growth exceeding 30 percent.

China's decision on further deepening reform comprehensively is driven by various external and internal factors.

Reform is necessary to address external risks and challenges, against the backdrop of rapid global changes unseen in a century, tense geopolitical situation and sluggish world economic recovery.

For the country itself, further deepening reform comprehensively can provide strong impetus and institutional support for the pursuit of Chinese modernization, which is now facing various complex contradictions and problems.

In terms of future development, countries are now facing new development opportunities amid uncertainties brought about by the new round of sci-tech revolution and industrial transformation, so continuous reforms are needed to seize these opportunities.

China's reform has always been clearly target-oriented and problem-oriented.

The resolution specified the overall objective of further deepening reform comprehensively -- to continue improving and developing the system of socialism with Chinese characteristics, and to promote modernization of the governance system and governance capacity of the state.

It also specified two time nodes -- China will have basically realized socialist modernization by 2035; The reform tasks laid out in the resolution shall be completed by the time the People's Republic of China celebrates its 80th anniversary in 2029.

The resolution put forward more than 300 important reform measures, with the aim of eliminating the ideological and institutional drawbacks that hinder the pursuit of Chinese modernization.

Analysts pointed out that China's further deepening of reform, closely following the theme of pursuing Chinese modernization, not only complies with the development aspirations of the Chinese people, but also meets the demands of people around the world for peaceful development. The path of creating new opportunities for the world through China's new development has become clearer.

China's market-oriented reforms have attracted global attention. The session stressed that further deepening reform comprehensively is driven by economic system reform, and a high-standard socialist market economy will be an important guarantee for Chinese modernization.

Building a high-standard socialist market economy is the first priority among the systematic deployments made by the session.

In the first half of this year, the number of newly established foreign-invested enterprises in China increased by 14.2 percent year on year, with the amount of investment introduced reaching the highest level in nearly a decade, demonstrating the attractiveness of the Chinese market and its business environment.

The resolution proposed to better leverage the role of the market, build a unified national market, and ensure 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.

The session proposed various measures to build a high-standard socialist market economy, which will bring new vitality to foreign investments' prosperity in China.

The session attached great importance to the innovation and modernization of the sci-tech industry.

New quality productive factors are now key words in advancing Chinese modernization. This is an inherent requirement and an important focus for promoting high-quality development, which is the primary task in building China into a modern socialist country in all respects.

The session emphasized improving the institutions and mechanisms for fostering new quality productive forces in line with local conditions and for promoting full integration between the real economy and the digital economy, which will create more conditions for the world to share the opportunities brought about by "China's innovation."

Opening up is a hallmark of Chinese modernization. It is China's successful practice to promote reform and development through expanding the level of opening up, which also provides the world with ideas and plans of building an open world economy.

The session made new deployments for promoting opening up at a higher level, including those on expanding institutional opening up, foreign trade system reform, foreign investment and outbound investment management, regional opening up layout optimization and high-quality Belt and Road cooperation mechanism improvement.

The remarkable achievements China has made in comprehensively deepening reform and its plans for further actions in this regard have proven that the Western institutional model is not the only way for a country to achieve modernization; that countries can certainly pave their own paths of development; that the continuous advancement of Chinese modernization has expanded the options for developing countries to pursue modernization and provided a Chinese solution for mankind to explore a better social system.

Over the decades, the world has witnessed China's courage and determination to firmly advance reform and opening up, as well as its efforts to continuously provide development opportunities for other countries.

Chinese modernization has been continuously advancing in the course of reform and opening up which will definitely usher in broad prospects, and the world will surely share more of the dividends of China's development.

China's determination to deepen reform to bring more development opportunities for world: commentary

Known primarily for its coal production, the city of Taiyuan in Shanxi Province is undergoing a cultural transformation. As part of China's booming concert economy, Taiyuan is actively seeking to provide unforgettable experiences for music fans.

Local authorities are supporting businesses in capitalizing on the growing demand for immersive concert experiences.

Taiyuan has implemented innovative initiatives. The city offers free public transportation for concert attendees, including bus and subway rides, both during the concert period and for three days before and after the event .

Taiyuan's commitment to creating a vibrant concert atmosphere is evident throughout the city. Giant banners and posters promote upcoming events, while various support activities further enhance the experience.

At a recent concert, a CGTN correspondent witnessed the city's dedication to providing a memorable experience. Each fan was greeted with a personalized souvenir bag filled with local specialties. Additionally, a captivating drone performance delighted the audience, adding an extra layer of excitement to the event.

"We have both also been to several concerts before. But this is the first time we've enjoyed various perks. Some shops are offering free merchandise. There are shuttle buses. The concert ticket also provides free admission to other local attractions. I think it is really nice," a concertgoer said.

"I have attended several concerts in Taiyuan where I have had really great experiences," another concert fan said.

Taiyuan's thoughtful initiatives have not only delighted concertgoers but also stimulated the city's consumer activity.

"From April to September, Taiyuan hosted more than 10 concerts. We could feel the enthusiasm of the fans at each event. There was a noticeable increase in hotel bookings as well," said Ma Shuting, marketing manager of a local hotel.

The concert period has also boosted the street-stall economy. The area around the venue has been transformed into a vibrant marketplace, with hundreds of stalls offering a diverse range of goods and services, from snacks and concert merchandise to beauty treatments.

"Business is doing quite well because there are many people coming from both out of town and locally. The daily revenue is approximately between 2,000 and 3,000 yuan (about 282 to 423 U.S. dollars)," a vendor told CGTN.

To solidify its position as a leading performing arts center in Northern China, the local government has made a significant commitment to fostering the concert economy.

"All 11 government departments in Taiyuan have jointly introduced several measures to support the development of the concert economy. For concert organizers in Taiyuan that meet the criteria, subsidies ranging from 150,000 yuan to 800,000 yuan (about 21,200 to 113,000 U.S. dollars) will be provided. Additionally, the city government has also established a special task force to ensure the smooth running of large-scale concerts," said Liu Rui, deputy director of the Taiyuan Bureau of Culture and Tourism.

The concert economy holds immense potential for economic growth, as demonstrated by the impact of Taylor Swift and Coldplay concerts on Singapore's GDP, which was boosted by around 0.25 percent.

Taiyuan is positioning itself as a major player in the concert industry, with over 30 concerts scheduled for this year alone. These events are expected to attract nearly 800,000 fans and generate tens of billions of yuan in consumer spending.

The city's commitment to the concert economy reflects its proactive pursuit of new growth drivers. This not only boosts consumption in the culture and tourism sector but also contributes to the broader economic transition toward high-quality growth.

Taiyuan's thriving concert economy boosts cultural, tourism growth