As he laid out his plan for development, President Xi Jinping announced it was time for China to take “centre stage” as socialism with Chinese characteristics had entered a new era. Xi detailed a two-phase plan of reforms until 2050 to turn China into a “great modern socialist country” .
In the first stage between 2020 and 2035, the Communist Party of China (CPC) will aim to build on the foundation created by the moderately prosperous society with a further 15 years of hard work to see that “socialist modernisation is basically realised”.
In the second stage from 2035 to the middle of the 21st century, Xi said the CPC would work for 15 more years to develop China into a great modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious, and beautiful.
And high on Xi’s priority list is to intensify anti-graft campaign within the CPC. “We must remain as firm as a rock in our resolve to build on the overwhelming momentum to secure a sweeping victory.”
Xi announced adoption of a national anti-corruption legislation and the creation of a corruption reporting platform linked to all anti-graft bodies in China.
He said China would adopt policies to promote high-standard liberalisation and facilitation of trade and investment and that China would pursue the Belt and Road Initiative as a priority. He said China would support state capital in becoming stronger and turn Chinese enterprises into world-class firms.
Xi added China will leverage consumption in promoting economic growth and improve the framework of regulation underpinned by monetary policy and macro-prudential policy, and see that interest rates and exchange rates become more market-based.
“Openness brings progress, while self-seclusion leaves one behind. China will not close its door to the world; we will only become more and more open.”
Xi devoted a considerable portion of his speech to the environment and conservation. He admitted there were many inadequacies and difficulties ahead for China including “unbalanced development”.