Home > China Keywords > Comprehensively Deepening Reform

Economic Structural Reform – an Engine of Progress March 16, 2018

Economic Structural Reform – an Engine of Progress

The roadmap for implementing an all-round indepth reform presented by the 18th CPC Central Committee at its third plenary session highlights the role of economic structural reform as an engine of progress. This is necessitated by the fact that China is still in the primary stage of socialism and will remain so for a long time to come. Our larger context remains basically unchanged. The growing material and cultural needs of the people still outpace productivity growth. China remains the world's largest developing country. Against such a backdrop China has to keep economic development as its central task. In so doing, it must stay focused on economic structural reform. At present, many institutional and structural deficiencies constraining balanced development are found in the economic sphere. There is a long way to go before we accomplish the task of economic structural reform, and its potential has yet to be fully unleashed. The economic basis determines the superstructure, and economic structural reform has an important impact on, and helps propel, reforms in other fields. The progress of major economic reform initiatives is key to progress in many other structural reform efforts, and indeed has a direct bearing on all that is at stake. Economic structural reform remains the central pillar of our all-round in-depth reform efforts. Major new progress must be made in key areas of this reform, so as to pave the way for, and provide impetus to, other sectorial reforms. Such an approach could ensure synergy and coordination between various reform initiatives, and avoid silo mentality and fragmentation.