Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization

III. Promoting High-Quality Economic Development

High-quality development is our primary task in building China into a modern socialist country in all respects. It is essential that we apply the new development philosophy to steer reform and ground our efforts in the new stage of development. We must deepen supply-side structural reform, improve incentive and constraint mechanisms for promoting high-quality development, and strive to create new growth drivers and strengths.

(8) Improving the institutions and mechanisms for fostering new quality productive forces in line with local conditions

We will work to facilitate revolutionary breakthroughs in technology, innovative allocation of production factors, in-depth industrial transformation and upgrading, and the optimal combination of laborers, means of labor, and subjects of labor as well as their renewal and upgrading. All this will give rise to new industries, new business models, and new growth drivers and promote the development of productive forces that are characterized by high technology, high performance, and high quality. A stronger push will be made to pursue innovation in key generic technologies, cutting-edge technologies, modern engineering technologies, and disruptive technologies, and institutional supply will be boosted in new areas and arenas. We will establish a mechanism for ensuring funding increases for industries of the future, improve the policy and governance systems for promoting the development of strategic industries such as next-generation information technology, artificial intelligence, aviation and aerospace, new energy, new materials, high-end equipment, biomedicine, and quantum technology, and steer emerging industries toward sound and orderly development. National standards will be elevated to guide the upgrading of traditional industries, and enterprises will also be encouraged to apply digital, intelligent, and green technologies to transform and upgrade these sectors. We will impose tighter institutional constraints for environmental protection and safety.

Relevant rules and policies will be improved to accelerate the formation of relations of production that are more compatible with new quality productive forces, and to channel various types of advanced production factors toward the development of new quality productive forces. These steps will help realize a significant increase in total factor productivity. We will encourage and regulate the development of angel investment, venture capital, and private equity investment, better leverage the role of government investment funds, and work to promote the development of patient capital.

(9) Improving the systems for promoting full integration between the real economy and the digital economy

We will move faster to advance new industrialization, promote the growth and expansion of advanced manufacturing clusters, and make the manufacturing sector higher-end, smarter, and more eco-friendly. We will set up a number of industrial generic technology platforms, accelerate the transformation of industrial models and organizational forms of enterprises, and refine the institutions and mechanisms for enhancing our leading position in industries where we excel. We will establish better operation and oversight mechanisms for major industrial investment funds to ensure that capital is channeled toward our country's strategic needs. We will put in place a funding mechanism to see that the share of manufacturing in the national economy remains at a desirable level. We will also realize a reasonable reduction in overall costs and tax and fee burdens in the manufacturing sector.

We will move faster to establish institutions and mechanisms for promoting the development of the digital economy and refine the policy system for developing the digital industry and transforming traditional industries with digital technologies. We will promote faster application of next-generation information technology at all stages and in all dimensions, develop the Industrial Internet, and build digital industry clusters with international competitiveness. We will push forward the innovative development of the platform economy while improving the system for its routine regulation. We will build and put into operation national data infrastructure to promote data sharing. We will work faster to set up a system for data property rights concerning ownership determination, market transaction, proceeds distribution, and interests protection. We will boost our governance and regulatory capabilities in relation to data security and put in place a mechanism to ensure efficient, convenient, and safe cross-border data flows.

(10) Refining the institutions and mechanisms for developing the service sector

We will refine the policy system for supporting the development of the service sector, improve financial accounting, and promote standardization in this sector. With a focus on key links, we will propel high-quality development of producer services on a sector-by-sector basis, invigorate industrial internet platforms, remove administrative barriers that impede trans-regional business operations, and promote the integrated development of producer services. The mechanisms for accelerating the diversified development of consumer services will be improved. We will refine the system of rules and regulations for intermediary service agencies to ensure that they operate in an honest and trustworthy way and fulfill their responsibilities in accordance with the law.

(11) Improving the institutions and mechanisms for modernizing infrastructure

We will build a planning and standards system for new types of infrastructure and improve the mechanisms for integrated utilization of such infrastructure. We will advance the digitalization of traditional infrastructure, diversify investment and financing channels, and refine the coordination mechanisms for major infrastructure construction projects. We will further reform the integrated transportation system, advancing reform of the railway system, developing general aviation and the low-altitude economy, and optimizing the policy on toll highways. We will raise the underwriting capacity of shipping insurers, help them provide better global services, and introduce new systems and rules on the arbitration of marine affairs. We will improve the mechanisms for the construction, operation, and management of major water conservancy projects.

(12) Improving the systems for enhancing the resilience and security of industrial and supply chains

We will move faster to build industrial and supply chains that are self-supporting and risk-controllable, improve the institutions and mechanisms for bolstering key industrial chains such as integrated circuits, industrial machine tools, medical equipment, instruments, basic software, industrial software, and advanced materials, and strive to secure more technological breakthroughs that can be applied across entire industrial and supply chains. A mechanism will be put in place to assess and respond to industrial and supply chain risks. We will improve the coordination mechanism for industries to be relocated domestically in a progressive and orderly manner and promote interest sharing between regions of origin and destination. We will develop China's strategic hinterland and ensure backup plans for key industries. Accelerated moves will be made to improve the system for national reserves. We will refine the overall planning and linkage systems for the exploration, production, supply, storage, and sale of strategic mineral resources.