What's new for China's new development pattern and why is it crucial?

BEIJING -- The Chinese leadership has made fresh commitments to the strategic decision of accelerating the creation of a new development pattern, highlighting the role of such a pattern in enhancing the security and initiative of development.

The commitments were put forward at the second group study session of the Political Bureau of the 20th Communist Party of China (CPC) Central Committee on Tuesday afternoon, which elaborated on major measures for the building of the development pattern.

Here are some key takeaways from the session.

WHAT'S NEW?

One issue in focus is coordinating the expansion of domestic demand and the deepening of supply-side structural reform.

On the demand side, the Chinese leadership urged the formation of a complete domestic demand system at an early date, with efforts made to expand consumption demand supported by income, investment demand with reasonable returns, and financial demand with principal and debt constraints.

Blockages, sticking points and vulnerabilities in supply-side constraints should be broken through, and the competitiveness and security of the industrial chain and supply chain should be promoted.

Building up China's strategic scientific and technological strengths should not be neglected in the building of the new development pattern. The Chinese leadership called for better allocation of innovation-related resources to make the country a global pacesetter in major sci-tech areas and a pioneer in advanced interdisciplinary fields.

To create a favorable environment for all types of business entities, it is also imperative to refine the systems underpinning the market economy, take stronger action against monopolies and unfair competition, and conduct law-based regulation and guidance to promote the healthy development of capital.

Efforts should also be made to strengthen economic ties between urban and rural areas, promote coordinated development between regions, and build a modern industrial system that is independent, controllable, safe, reliable and highly competitive.

WHY DOES IT MATTER & HOW TO ACHIEVE IT?

During Tuesday's group study session, the Chinese leadership put the new development pattern high on the country's policy agenda, calling it a strategic decision to realize the Second Centenary Goal and ensure both development and security, as well as a strategic plan to seize the initiative of future development.

Only by accelerating the establishment of a new pattern of development can China consolidate the foundation of its economy and enhance the security and stability of its development.

And only by doing so will China be able to better survive, compete, develop and sustain its progress amid all sorts of headwinds on its journey of realizing the great rejuvenation of the Chinese nation and building itself into a great modern socialist country in all respects.

Acknowledging that there is a long road ahead before the new development pattern is established in an all-round way, the Chinese leadership urged the adoption of a problem-oriented approach and the application of systems thinking in resolving the major problems that constrain the building of such a pattern.

Efforts should be made to deepen reform, promote practical and institutional innovation, and constantly carry on strengths and make up deficiencies.