The third plenary session of the 20th Communist Party of China (CPC) Central Committee is presided over by the Political Bureau of the CPC Central Committee in Beijing, capital of China. The plenary session was held from July 15 to 18, 2024. (Photo: Xinhua)

In an interview published Thursday by the People's Daily, Zheng Shanjie, chairman of the National Development and Reform Commission, emphasized the importance of deepening economic system reform to promote high-quality development. He also outlined specific measures for establishing a high-level socialist market economy.

The Resolution of the Central Committee of the Communist Party of China (CPC) on Further Deepening Reform Comprehensively to Advance Chinese Modernization adopted at the third plenary session of the 20th CPC Central Committee underscored that a high-level socialist market economy will provide an important guarantee for Chinese modernization. 

Zheng emphasized that the key to establishing a high-level socialist market economic system is to properly handle the relationship between the government and the market, which has always been the core issue of economic system reform.

Zheng said that the National Development and Reform Commission will promote the construction of a high-level socialist market economic system.

"For instance, the Commission will intensify efforts to address the challenges faced by the development of the private sector, further stimulating the vitality of market entities," Zheng said.

On the one hand, the Commission will ensure equal access to production resources, fair market competition and equal legal protection for all forms of ownership. 

This includes fast-tracking a private sector promotion law and continuously improving the legal, policy and market environments for private businesses, he said.

On the other hand, the Commission will focus on creating long-term solutions to the significant issues facing the private sector. 

This involves removing barriers to market entry, promoting fair access to competitive infrastructure sectors and encouraging private companies to participate in major national projects, he said.

The Commission will also address pressing concerns faced by market entities with practical, effective solutions, aiming to fully unlock the potential and innovation of the private sector, Zheng said.

"Moreover, greater efforts should be made to eliminate obstacles that hinder the construction of a unified national market and facilitate the circulation of the national economy," he said.

On the one hand, it is necessary to establish and improve institutional mechanisms, Zheng said. This includes issuing opinions to enhance the market access system, accelerating the development of a unified national market economy foundation, advancing the legislative process of social credit law and formulating guidelines for the construction of a unified national market with actionable work directions and basic references.

On the other hand, he said, key bottlenecks and obstacles should be addressed. 

"This involves improving the legal system for bidding and tendering, expediting the revision of the Bidding Law and its implementation regulations to enhance legal constraints and promoting high-standard connectivity of market infrastructure," he said. "Multiple measures should be taken to effectively reduce logistics costs across society."

(Compiled by Zhang Chenxu and Lin Rui)