CPC plenary sessions are critical events in China's political calendar, where senior party officials gather to discuss and ratify major policy directions and strategies. These sessions, attended by full and alternate members of the Central Committee, are pivotal in shaping the country's governance, including the appointment of key officials and the formulation of crucial policies. The agenda typically includes discussions on economic policies, social reforms, and other significant issues, making these sessions instrumental in understanding Chinese policy and governance.

This year's third plenum, held approximately every five years, is expected to focus on deepening reform and expanding high-level opening-up to promote high-quality development and advance Chinese modernisation. The concept of "opening-up" in Chinese politics, initiated under Deng Xiaoping in the late 1970s, shifted China from a centrally planned economy to a market-oriented one. This included the establishment of Special Economic Zones (SEZs) and a focus on export-led growth. China's accession to the World Trade Organization in 2001 further integrated its economy with the global market, attracting significant foreign investment and modernising its financial sector.

The opening-up policy has driven China's rapid economic growth, transforming it into the world’s second-largest economy and improving living standards for millions. However, it has also created income inequality and dependence on exports. Today, China continues its opening-up through initiatives like the Belt and Road Initiative and the Dual Circulation Strategy, balancing domestic consumption with international trade and investment.

The third plenum has garnered global attention as many global south countries look to China for major reform measures that could create new opportunities amidst rising geo-economic tensions. Recent meetings have hinted at top agenda items, including a draft decision on further comprehensively deepening reform and advancing Chinese modernisation. A communique is expected post-session, detailing the outcomes and future directions.

Economists and experts anticipate that the session will focus on improving governance efficiency, promoting high-quality development, and advancing modernisation. Zhang Yansheng, chief researcher of the China Center for International Economic Exchanges, highlighted three key themes: Chinese modernisation, new quality productive forces, and high-quality development. He emphasised innovation, coordination, green development, openness, and sharing as central to China's high-quality development.

Reforms are expected to enhance technological innovation and improve the business environment, fostering new growth drivers for sustainable development. Su Wei, a professor at the Party School of the CPC Chongqing Municipal Committee, noted that comprehensive deepening reform is critical for a stable transition to new growth drivers, citing reform and innovation as main sources of China's robust development.

Globally, the third plenary session is seen as a counter to rising protectionism, with a focus on expanding high-standard opening-up to boost global development. Li Haidong, a professor at the China Foreign Affairs University, contrasted China's consistent reform efforts with political struggles in other major economies, highlighting China's role in promoting global economic stability.

Experts like Shoazim Shazamanov from Uzbekistan's Tashkent State University of Oriental Studies expect the session to discuss innovation, domestic market development, green transition, and continued openness to foreign investment. These measures are anticipated to foster social equality, improve well-being, and enhance economic cooperation with Central Asian countries through initiatives like the Belt and Road.

Xinhua editor Huaxia emphasised the session's significance, comparing it to previous landmark plenary sessions that ushered in comprehensive reforms and lifted millions out of poverty. Despite its achievements, China faces challenges in achieving high-quality development, such as enhancing innovation capacity and addressing financial risks. Continuous reform is seen as key to overcoming these challenges and driving modernisation.

Xi Jinping's leadership has been marked by a commitment to reform and opening-up, reflected in his various initiatives and policies aimed at high-quality development, innovation, and coordinated regional development. The "Green transformation" has also been a cornerstone of China's industrial policy, significantly reducing carbon intensity.

Xi's dedication to opening-up and cooperation contrasts with the seclusion and protectionism seen in some Western countries. China has taken firm steps to open up more comprehensively under initiatives like the Belt and Road, benefiting both China and the global community. Over 2,000 reform measures have been implemented since the new era began, covering critical areas such as education, healthcare, and social security.

Xi's first inspection tour in Guangdong in 2012 underscored the importance of reform and opening-up, then newly elected general secretary of the Communist Party of China Central Committee, chose Guangdong, a frontier of China's reform and opening up, as the destination of his first inspection tour.

During this trip, he issued a mobilisation order to the whole Party and country.

"The decision to launch reform and opening up was right. We must keep to this correct path, " he said. "We must stay unwavering on the road to the prosperity of the nation and the people."

China’s reform has come a long way, but new challenges persist. In the 1960s, many villagers could not afford meat due to poverty and scarcity. Xi Jinping recalls his own experience in Shaanxi, where he spent seven years in the small village of Liangjiahe. This experience was one of the motivations for him to enter politics. “Seeking happiness for the people is the main mission of the party and the opening up of the country,” says Xi. In facing the challenges and difficulties of implementing reforms, Xi quotes a Chinese proverb: “We must be ready to go to the mountain, being fully aware that there may be tigers to encounter.” He views the process of reform as unstoppable and vows to continue pursuing a better life for the people.

During his time at Tsinghua University, Xi visited Chuzhou, Anhui Province, to conduct on-site research on fixing farm output quotas for each household. He has mentioned that he still keeps his notebook from that time and occasionally reviews it, reflecting on the insights gained during those formative years.

China is an important trade partner for Finland and the more pragmatic approach of the newly elected president Stubb could lead to expanded and better political and economic relations despite pressure from the United States and the European Union. This week Monday, Finland abstained EU vote on provisional tariffs on electric vehicles (EVs) built in China. A positive step forward for Finland - China relations.

HT