Hong Kong Bauhinia Magazine:

In the past few decades, China has created a miracle with its rapid economic development, and has become the world's second largest economy. The "secret recipe" for China's economic miracle has been studied and discussed at home and abroad. What do you think about this "secret recipe?" What implications does it have for the future? Thank you.

Han Wenxiu:

Thank you for your questions. The resolution adopted by the sixth plenary session of the 19th CPC Central Committee comprehensively and systematically summarizes the major achievements and historical experience of the Party's 100-year history. It is a treasure trove of ideas and wisdom on China's successes in revolution, construction and reform. It also includes the "secret recipe" for China's economic miracle. In my opinion, the following aspects are particularly important.

First, the Party has adhered to the thinking that development is of overriding importance. After the third plenary session of the 11th CPC Central Committee, China has focused on economic development, and development was made the Party's top priority in governance, which helped lay a solid material foundation for fulfilling the Party's original goals. As socialism with Chinese characteristics enters a new era, new elements have been added to the concept of development. We mustn't continue with inefficient and blind development. Instead, we must adhere to a concept of people-centered development, stay true to the principle that lucid waters and lush mountains are invaluable assets, fully implement new development philosophy, accelerate the fostering of new development paradigm, and promote high-quality development. These are the fundamentals in the new era.

Second, the Party has persistently deepened its reforms. One of the Party's major innovations was establishing a socialist market economic system that integrated socialism with the market economy. These reforms have broken the shackles of the rigid planned economy, brought vitality to China's economy, and greatly unleashed and developed productivity.

Third, the Party has been pursuing a policy of opening-up. China has transformed from a largely closed country to one that is open to the world. The change enables us to make full use of domestic and international markets and resources, and deeply participate in economic globalization. China promotes reform and development through opening-up. It makes ever greater contributions to the development and prosperity of the world. China will adhere to the basic state policy of opening-up, and balance the relations between development and security, and between opening-up and security, thus promoting high-quality development with a high level of opening-up.

Fourth, we have continued to take innovation as the primary driver of development. For years, adhering to an essential judgment that "science and technology is a primary source of productivity," we have implemented the strategy for invigorating China. This has been done through science and education and the process of innovation-driven development. We have strengthened the protection of property and intellectual property rights and boosted national strategic scientific and technological strength. We have also enhanced the role of enterprises as the principal entities in technological innovation to accelerate the pace of building up our country's strength in science and technology.

Fifth, we have adhered to the "two commitments" in order to continue and improve China's basic socialist economic system. We have remained fully committed to consolidating and developing the public sector of the economy, and fully committed to encouraging, supporting and guiding the development of the non-public sector. Also, we have established and improved a modern corporate structure with Chinese characteristics; supported the state-owned sector of the economy in becoming stronger, doing better and growing bigger; promoted entrepreneurship; fostered a cordial and clean relationship between government and business; promoted the healthy growth of the non-public sector of the economy, and encouraged those working in this sector to achieve success; and promoted fair competition to enable enterprises and market entities of all types of ownership to stimulate one another and develop together.

Sixth, we have created better synergy between an efficient market and a well-functioning government. We have balanced the government-market relationship to enable the market to play the decisive role in resource allocation and give better play to the part of the government. We have made a great effort in transforming government functions, avoiding inaction, ultra vires, or arbitrary practices while improving public services and strengthening market regulation. Business monopolies have been fought effectively, and capital expansion has been regulated. A business environment based on market principles, governed by law, and up to international standards has been fostered.

Seventh, we have stayed committed to the principle of pursuing progress while ensuring stability, which is not only a critical governance principle of our Party but also an effective method for carrying out economic work. To achieve this, we need to make active progress to keep performance stable instead of rushing for quick results. Lessons must be learned from the Great Leap Forward campaign and the People's Commune Movement in the 1950s. As the country moves towards achieving carbon peak and neutrality targets and ensuring common prosperity, we must continue to follow the general principles of pursuing stability and making new progress step by step.

Eighth, we have upheld Party leadership. Upholding the authority of the CPC Central Committee and its centralized, unified leadership provides fundamental political assurance for the miracle of the economic development of China. This is the key to our success. We must strengthen the Party's leadership over economic work, uphold the principle of seeking truth from facts, and conduct all actions based on actual conditions and economic laws. We must give full play to the enthusiasm, initiative, and creativity of all sectors of society and uphold system-based thinking to strengthen the overall planning and coordination. We must grasp the principal contradiction facing Chinese society, and give full play to the strategic guidance of national development plans, to take advantage of one of the strengths of the nation's socialist system – the ability to pool resources on significant endeavors.

The above serves as both a review of historical experience and guidance to our future work. Under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, we will face up to our new mission in the new era. By upholding the valuable experience, making effective use of it, and carrying it forward, we will ensure the smooth sailing of the giant ship of China's economy and create new miracles of development. Thank you.

Xu Lin:

Thanks to all the speakers and journalists. Today's press conference concludes here. Thank you.

Translated and edited by Zhang Liying, Wang Qian, Guo Yiming, Wang Yiming, Yuan Fang, Zhang Junmian, He Shan, Zhang Jiaqi, Wang Wei, Liu Jianing, Cui Can, Xu Xiaoxuan, Liu Sitong, Yang Xi, Zhu Bochen, Ma Yujia, Li Huiru, Chen Xia, Li Xiao, David Ball, Jay Birbeck, and Tom Arnstein. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.

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