The Great Hall of People in Beijing. [Photo/CFP]

The third plenary session of the 20th Central Committee of the Communist Party of China will be held in Beijing later this month, which will focus on further deepening comprehensive reform and advancing Chinese-style modernization.

Reform of the economic system is the focus of the comprehensive deepening of reform. The 18th CPC Central Committee has made several reform deployments, such as deeply reforming the economic system by stressing the market's decisive role in resource allocation, which has outlined the basic framework for deepening reform of the economic system.

In the new era, the CPC Central Committee has introduced a series of new ideas, new thoughts and new strategies to deepen reform of the economic system, stimulate development vitality and transform the development mode, thus injecting strong momentum into high-quality development.

Over the past more than 10 years, the CPC Central Committee has continuously been improving the socialist economic system and making the market's decisive role in resource allocation more significant, with the government playing a more effective role. China has included data among the production factors for the first time, promoting the market-oriented reform of factors such as land, labor, capital and technology.

Improved market-based institutions such as property rights protection, market access, fair competition, and social credit are steadily promoting the construction of a high-standard market system.

Institutional barriers that hinder the free flow of factors are being eliminated, and the market determines the price of the factors of production and their autonomous orderly flow, ensuring their efficient and fair allocation.

A series of unprecedented and comprehensive reform measures have been implemented to spur institutional vitality, the vigor of enterprises and social creativity.

As of the end of 2023, the number of registered business entities in China had reached 184 million, including more than 53 million private enterprises, representing an increase of 2.3 times and 3.9 times respectively compared with 2012. From 2012 to 2023, the total R&D investment increased from 1.03 trillion yuan ($141.7 billion) to 3.3 trillion yuan, accounting for 2.64 percent of the country's GDP, exceeding the average level of the European Union, and the construction of an innovative country has achieved remarkable results.

Over the past over 10 years, China has unwaveringly constructed a higher-level new economic system with an open economy, promoted deep reform and high-level opening-up, and contributed Chinese wisdom and provided Chinese solutions for global economic opening and cooperation.

The Organization Department of the CPC Central Committee released a statistical report on Sunday, one day ahead of the 103rd anniversary of the Party's founding, saying that the CPC had more than 99.18 million members at the end of 2023. That shows the vitality of the Party as well as the strong support it receives from the Chinese people.

With a blueprint for advancing Chinese-style modernization with high-quality development, firmly adhering to the reform direction of the socialist market economy, and taking comprehensive deepening of the economic system reform as the driving force, the "China Ship" is steadily sailing fearlessly through wind and rain, heading for broader waters and a brighter future.