Plenum draws clear road map to modernization

MA XUEJING/CHINA DAILY The third plenary session of the 20th Communist Party of China Central Committee that concluded recently vowed to further deepen reform comprehensively to advance Chinese modernization. Prior to the third plenary session, China critics in the West had been speculating on Beijing's upcoming economic policy to overcome the gloomy global outlook and boost the country's slowing economic growth. While the West is obsessed with "nearshoring" and "friend-shoring" in its bid to realign the global supply chains to exclude China, the world's second-largest economy remains committed to embracing the world and sharing with it the economic potential and development dividends accrued from its opening-up. From the perspective of global development, China's deepening reform and further opening-up signify the vast potential to provide the world with concomitant vigor and opportunities for economic recovery, alongside a viable template for multilateral cooperation amid rising de-globalization in the West. The success of China's socialist market economy has showcased an inspirational model to the world, notably among the emerging economies from the Global South which are in dire need of a development model to boost their economies.