The Central Committee of the Communist Party of China (CPC) holds a press conference on the guiding principles from the third plenary session of the 20th CPC Central Committee on July 19, 2024. (Xinhua/Jin Liwang)

The adoption of a reform resolution is the most important outcome of the third plenary session of the 20th Communist Party of China (CPC) Central Committee, a senior official said Friday.

Tang Fangyu, deputy head of the CPC Central Committee Policy Research Office, made the remarks at a press conference on the guiding principles from the just-concluded plenum.

Promoting Chinese modernization faces many complex issues, necessitating further deepening reform comprehensively to better adapt the relations of production to the productive forces, the superstructure to the economic base, and national governance to social development, Tang said.

The resolution, with economic structural reform as the spearhead, comprehensively plans reforms in various fields and aspects, Tang said, adding that the resolution puts forward more than 300 important reform measures, all of which involve reforms on the levels of systems, mechanisms, and institutions.

China will accelerate efforts to build a high standard market system, which is a major reform task for the country, said Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs.

Efforts will be made to build a unified national market, including the development of a unified urban-rural construction land market, a nationwide integrated technology and data market, and a unified national electricity market.

The country will improve the market system and rules for production factors such as labor, capital, land, knowledge, technology, management, and data, Han told the press.

The systems underpinning the market economy will be refined, including optimizing the systems for property rights protection, information disclosure, market access, bankruptcy exit and credit supervision.

To strengthen its macroeconomic governance, China looks to improve the fiscal relations between central and local governments, and research will be conducted to make China's tax system compatible with new business models, Han added.

China will also enhance policy support for childbirth to foster a fertility-friendly society, as part of its efforts to ensure and improve the people's wellbeing, according to Han.

He said the country will make institutional improvements to facilitate high-quality and full employment, and enhance the development of old-age care industry.

In promoting high-level opening up, China will expand unilateral opening up to the least-developed countries, and open to the rest of the world its goods, service, capital and labor markets in an orderly way, Han said.

Improvements will also be made on relevant systems to make it more convenient for people from overseas to live, seek medical services and make payments in China.  

The Central Committee of the Communist Party of China (CPC) holds a press conference on the guiding principles from the third plenary session of the 20th CPC Central Committee on July 19, 2024. (Xinhua/Jin Liwang)