China, a fully fledged modern socialist country by 2050?

On the third Plenary Session of the 20th Central Committee of the Communist Party of China which took place on July 18 the main result that drew the world’s attention was that China aims to become a fully modernized socialist country and economy by the middle of this century. Ambitious?

Reviewing the significant miracles that China accomplished in the last century e.g. eradication of absolute poverty in this 1.4 billion people nation, then one might think that the modernization goal is rather realistic in lieu of ambitious.

Market economy

In the Plenary it was explained that by 2035 China will have a high-standard socialist market economy for all matters concerned. The process is called by the Chinese “Socialist Modernization”. China aims to expand the socialist culture in the country while at the same time have democracy for its people participating in the common life. Obviously, a lot of reforms will focus on “… raising the people’s quality of life, building a Beautiful China, advancing the Peaceful China Initiative to a higher level, and improving the Party’s capacity for leadership and long-term governance”. At the same time, the government of China aims to have a people-centered approach in its governence.

Modern Socialist Market Economy

This is obviously key to China’s Modernization in the 21st century. Let’s see what this means though. Mainly it is referred to China’s goal to open up its markets further, by minimizing possible restrictions. By doing so China commits to develop further its public and private sectors. China wants to make reforms in its production and companies to reflect on a unified market.

High quality development

Another key to the modernization of China is none other but the maintenance of high quality development. New growth drivers and incentivization is vital for that in modern China for the years to come. In particular the focus will be on the quality development of the real economy, the digital economy, the service sector and modern supply chains.

Education, science and technology

We all know that the Chinese are strong in academic development globally, scientific discoveries and pioneer technological giants e.g. Huawei. Now, the Plenary stressed that those three will play a pivotal role in the modernization of China in the years to come. Reforms will be made on the above areas to allow innovation and the growth of talent in China, because people is everything in organizations.

Macro-regulation

The modernization of China will depend on the regulation of the macro-economy in the country to enable the modern socialist market economy that China aspires to. This encompasses everything from taxation to policy work to make the modernization possible.

Urban/Rural development

For modern China, the two should work together through integration. The rural areas should be further developed and provide more ample opportunities through their integration with urban areas. China wants to achieve “new urbanization” and grow its all so many diverse geographical areas in the country to contribute to the socialist market economy.

Opening up

Another crucial element of modern China is to take advantage of its huge internal market capacity on the one hand, while on the other to develop better trade with foreigh countries and benefit from trade relations.

Developing democracy

This plenary refers particularly to the need for democratic growth among the Chinese people. While maintaining its socialist characteristics the country will strive to promote governance by its citizens for the common good. For this reason the citizens’ institutions and initiatives will be restructured and developped in the modern China of the near future.

Rule of law

As with all countries, rule of law has a crucial importance in the DNA of the country. Modern China thus will futher work on rule of law, its enforcement and the judicial systems around it. Major law reforms are under way.

Chinese culture

Modern China will invest a lot on its own culture and deep history as this is the mere identity of the nation.

People’s well being

China is globally known for eradicating poverty. Modern China will do everything possible to provide prosperous opportunities to its people. Quality public services like health, education, social security are key to that and reforms will be made accordingly.

Humanity and nature

Modern China will seek the harmony between the human factor and the climate as this is the only way to contain climate change and for the generations to live in normality.

National security

Surely national security is key for modern China that faces numerous threats locally and globally. A holistic approach will be maintained and massive investments in this sector will make China safe and secure.

Defense

Similarly the National defense is a prerequisite for China, modernization of its army, weapons etc.

Leadership

Modern China needs to ensure stability and longevity in President Xi’s government.

Peace

China will pursue peace at all costs but always be ready to defend its sovereignty.

To sum up, while various countries struggly with visions and strategies that are bound to short term horizons and instability, China this summer provided to the world a glimpse of modern socialist China 2050, with ambitious developments and reforms in all sectors.

The million euro question though is still whether the rest of the world can catch up with modern China.