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Advancing China’s Industry Modernisation

President Xi Jinping, who is also general secretary of the Communist Party of China (CPC) Central Committee, Chairman of the Central Military Commission, and Director of the Central Commission for Financial and Economic Affairs (CCFEA), said that the commission’s work should be done well and emphasised research and efforts on speeding up the building of the country’s modern industrial system and advancing Chinese modernisation with help from the high-quality depository institutions.

President Xi added that the newly grouped CCFEA should keep doing its job of making major guidelines for economic work and strengthening and improving the CPC Central Committee’s centralised, unified control over economic work.

A modern industrial system is a material and technological foundation for a modern country, and economic growth should focus on the real economy to help China reach its Second Centenary Goal. Also, population growth is a key part of reviving the Chinese nation, and steps must be made to improve the quality of the population to support modernisation in China.

The CCFEA has a lot of work to do and is an important part of the CPC Central Committee’s system for running economic work. It has a lot of tasks and plays an important role. To do a good job, the CCFEA under the 20th CPC Central Committee must fully and faithfully follow the new development philosophy on all fronts, speed up the creation of a new development pattern, and work towards high-quality development.

To put the national development strategy into practice in a consistent way, it is important to strengthen strategic planning, improve systems thinking, encourage coordinated execution, and do more research and investigations. Work Regulations for the Central Commission for Financial and Economic Affairs and Detailed Regulations for the Office of the Central Commission for Financial and Economic Affairs were discussed and passed at the meeting.

It was emphasised that speeding up the modernisation of the industrial system with the real economy as its core depends on whether China can take the strategic lead in its future growth and competition around the world.

China is making significant efforts to take advantage of the new scientific and technological revolution, including breakthroughs in fields such as artificial intelligence (AI), quantum computing, and biotechnology.

Aims to adapt to the need for harmony between humans and nature, keeps and improves the benefits of a complete industrial system with strong coordination skills, and effectively gathers innovation factors from around the world to make sure that industries are smarter, greener, and more integrated, and to build a more cooperative society.

These developments have been identified as crucial to driving China’s economic growth and enhancing its global competitiveness. The Chinese government has made significant investments in research and development in these areas, with the aim of building a world-class innovation ecosystem that can support the country’s long-term development goals.

At the meeting, it was agreed that industrial policies for the new stage of growth need to be improved, that industrial security needs to be a top priority, that top-level design for key fields needs to be improved, and that industrial policies need to be more coordinated.

Reports cited that more should be done to make breakthroughs in core technologies in key areas and to increase support for strategic resources. Institutional arrangements should be made to make sure that businesses are at the forefront of sci-tech innovation. More focus should be put on improving how technologies are used in grain production and breaking through the limits that natural things, like cultivated land, put on agricultural output.


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