How will China further comprehensively deepen reform?

Editor's note: Reform and opening up policies hold the key to the destiny of contemporary China and are crucial measures that determine the success of Chinese modernization. CGTN is rolling out a series of special reports to show how China is comprehensively deepening reform and opening wider to the world.

Chinese leaders will meet from July 15 to draw a road map for China to further comprehensively deepen reform in the years to come.

According to a Thursday meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee, the CPC will convene the third plenary session of its 20th Central Committee from July 15 to 18 in Beijing with an agenda focusing primarily on examining issues related to further comprehensively deepening reform and advancing Chinese modernization.

Speaking to CGTN, John Gong, vice president of research and strategy at the University of International Business and Economics in Israel, said the agenda clearly shows China's determination to continue its opening-up policy. Speaking of the importance of the meeting, Gong said it is expected to lead to more measures related to further comprehensively deepening reform.

What is the goal?

Thursday's meeting highlighted that the overall goal of further comprehensively deepening reform is to improve and develop the system of socialism with Chinese characteristics and modernize China's system and capacity for governance.

It also listed the objectives of further reform, saying China will complete building a high-standard socialist market economy by 2035.

The system and capacity for governance will be basically modernized and socialist modernization will be basically achieved by 2035, it added.

People-centered principle

The meeting also spelled out principles to be upheld in furthering reform, stressing the people-centered philosophy. It added that the principal position of the people and their creativity should be respected.

In Chinese President Xi Jinping's own words, reform must be focused on issues of public concern. It must serve to resolve outstanding problems in ordinary people's lives and meet their demands and needs. It should be carried out by the people and for the people.

Since the third plenum of the 18th CPC Central Committee in 2013, more than 2,000 reform plans have been implemented, covering almost every aspect of economic, political, social and cultural undertaking as well as people's everyday lives.

Given President Xi has repeatedly called for applying a people-centered approach, Gong said it is unsurprisingly the people-centered principle is highlighted in China's future reform plan. He added that the happiness and well-being of the people are the ultimate goals of China's development.

Problem-oriented approach

Xi, also general secretary of the CPC Central Committee, has on many occasions this year highlighted the importance of further comprehensively deepening reform.

During his inspection tour to Hunan Province in March, Xi stressed that a problem-oriented approach should be adopted when further deepening reform in all respects, adding that efforts should focus on overcoming the bottlenecks and obstacles constraining the creation of a new development paradigm and the promotion of high-quality development, responding to the challenges and difficulties regarding the environment for development and people's well-being, and addressing the central and hot issues that go against social fairness and justice.

In the latest move on May 17, China announced new policies to prop up the property market, including policies to cut minimum downpayment ratios, abolish the commercial mortgage rate floors for first and second homes, and establish a re-lending facility that supports local state-owned enterprises to use those funds to buy commercial homes for affordable housing,

Bruce Pang, chief economist and head of research at JLL Greater China, noted the policy significance of reducing existing housing inventory and elevating the supply of affordable housing, saying this will help alleviate the structural imbalance between oversupply in commercial housing and undersupply of affordable housing, and better address the housing challenges faced by the working class.

Market data from GF Securities shows that from May 1 to 29, second-hand home transactions increased 31.1 percent year on year in 74 cities in China, with a particularly notable increase from May 17, from which point daily transactions rose 15 percent day over day.