Guest Opinion: Outcomes of latest CPC plenum injects vigorous impetus into China's modernization, with spillover benefits for entire world

by Neak Chandarith

The outcomes of the recently-concluded third plenary session of the 20th Communist Party of China (CPC) Central Committee will inject sustained and strong impetus into China's modernization, with spillover benefits for the wider world.

The plenum, held in Beijing from July 15 to 18, adopted a resolution on further deepening reform comprehensively to advance Chinese modernization, continuing to improve and develop the system of socialism with Chinese characteristics and modernize China's system and capacity for governance, according to a communique issued at the end of the session.

Describing opening-up as a defining feature of Chinese modernization, the communique said that China will promote reform through opening-up. By leveraging the strength of its huge market, China will enhance its openness while expanding international cooperation, and develop a new system of higher-standard open economy.

It also stressed the need to steadily expand institutional opening-up, deepen foreign trade structural reform, further reform the management systems for inward and outward investment, and refine the mechanisms for high-quality cooperation under the Belt and Road Initiative.

China is an important engine for global economic growth and a key force for peace, security, stability and progress of the region and the world. The outcomes are a great boon not only to China herself, but also to the world, sending a strong message that China will stay committed to reform and opening up in the new era.

The Chinese modernization is not only aimed at achieving China's own development but also focuses on win-win cooperation with other countries across the globe for a common aspiration of building a community with a shared future for mankind.

It is hoped that the international business communities will seize the opportunity to deepen cooperation with China and achieve mutual benefit and win-win results.

The plenum has once again demonstrated China's unwavering commitment to deepening reform and opening up, which has been the driving force behind its remarkable economic and social progress over the past decades.

As an iron-clad friend of China, Cambodia welcomes the outcomes, which have laid out a comprehensive roadmap for advancing China's modernization by 2035.

Key reform measures in areas like the economy, innovation, governance, and opening up are particularly noteworthy from Cambodia's perspective.

As a developing country, we can draw valuable lessons from China's experiences in leveraging the role of the market, promoting high-quality development, and improving macroeconomic management.

China's push to build a high-standard socialist market economy, foster new drivers of growth, and deepen supply-side structural reform aligns well with Cambodia's own efforts to transform and diversify its economy.

The emphasis on coordinating urban-rural development and deepening land system reform also resonates with Cambodia's own priorities around inclusive and sustainable development.

Furthermore, China's commitment to steadily expanding institutional opening up and improving foreign trade and investment systems is encouraging news for Cambodia.

As an important trade and investment partner, we look forward to seeing these reforms translate into even stronger economic cooperation and people-to-people exchanges between our two countries.

Overall, the outcomes reaffirm China's steadfast focus on reform and opening up, which have been a cornerstone of its remarkable development achievements.

In my view, Cambodia is confident that the implementation of these reform measures will inject sustained and strong impetus into China's modernization, with spillover benefits for the entire region and the world.

I believe that Cambodia stands ready to further deepen its comprehensive strategic partnership of cooperation with China towards building a high-quality, high-level, high-standard community with a shared future in the new era.

Editor's note: Neak Chandarith is the director of the Cambodia 21st Century Maritime Silk Road Research Center in Phnom Penh, Cambodia.

The views expressed in this article are those of the author and do not necessarily reflect those of Xinhua News Agency.