According to the meeting, China needs to move faster to build an economic system featuring green, low-carbon, and circular development, and to promote a comprehensive green transition of the economic and social development. These are essential solutions to the domestic problems on natural resources, environment and ecology. The new philosophy should be promoted across the board, from planning, design, investment, construction, production, circulation, lifestyle, to consumption, so that high-quality growth and environmental protection can be realized at the same time.

The meeting also pointed out that environmental disclosures are crucial to company environmental management and ecological civilization. The new rule applies to the environmental practices of companies with a focus on those causing significant environmental and health impact or public concern. A mandatory system for disclosing environmental information should be in place, when companies meet their legal obligations, disclosure requirements are clearly defined, mechanisms of collaborative management and supervision are established, and the rule of law is upheld.

President Xi calls for creating synergy for reform to make greater breakthroughs at the 17th meeting of the Central Commission for Comprehensively Deepening Reform.

Attended by Li Keqiang, Wang Huning and Han Zheng Reported by Xinhua News Agency in Beijing on December 30.

On December 30, 2020, President Xi delivered a speech at the 17th meeting of the Central Commission for Comprehensively Deepening Reform. He said since the Third Plenary Session of the 18th Central Committee of the Communist Party of China (CPC), China has embarked on the road to reform despite the internal and external challenges. Historic progress has been made, but more concerted efforts are needed to deepen reforms for greater breakthroughs at China’s new development stage.

Li Keqiang, Wang Huning, and Han Zheng, members of the Standing Committee of the Political Bureau of the CPC Central Committee and deputy heads of the Central Commission for Comprehensively Deepening Reform, attended the meeting.

At the meeting, a summary and evaluation report on comprehensively deepening reform since the third plenary session of the 18th CPC Central Committee were reviewed. 

A series of other guidelines and plans were also reviewed and approved, including

• Opinions on the Integration of Party Leadership in Central State-Owned Enterprises into Corporate Governance (for Trial Implementation)

• Guiding Opinions on Accelerating the Establishment of a Sound Economic System with Green, Low-carbon and Circular Development

• the Plan for the Reform of the Legal Disclosure System of Environmental Information

• Opinions on Establishing and Improving Coordination Mechanisms for Government Data Sharing in an Orderly Way

• Opinions on Further Deepening the Reform of the Budget Management System

• Opinions on Strengthening and Improving Ideological and Political Work in the New Era

• Opinions on Further Optimizing Tax Enforcement Methods

• the Plan Concerning the Establishment of the Beijing Financial Court.

Xi pointed out that our innovative theories and major initiatives over the years are revolutionary, and contributed to various historic achievements of the Party and the state. The reforms have brought profound changes in the following four aspects. The first one relates to ideological and theoretical field. Under the guidance of innovative theories, China’s reform practices are innovated, and in return, enriched and further developed the theories. A series of innovative, strategic, and instructive ideas and major conclusions were proposed, covering the overall goal, primary focus, key tasks, and methodological approaches of reform, offering insights into why and how to comprehensively deepen reform in the new era. The second one concerns the way reform is organized. We have strengthened the Party’s centralized and unified leadership in comprehensively deepening reform from a global perspective and in a systematic manner. From laying foundations, to comprehensive implementation, and to integration and coordination, we have made steady and orderly progress in removing systematic obstacles, institutional barriers, and addressing issues regarding policy innovation in various sectors and areas. With clear objectives, strategies and methodological approaches in mind, we have completed a historic transformation. The third one is about state institutions and governance system. We have continuously improved the institutional framework by strengthening fundamental institutions, enhancing basic ones, and innovating vital ones. Reform and institutional development have played an important role in combating COVID-19, completing the building of a moderately prosperous society in all respects, eliminating poverty, implementing the 13th Five-Year Plan, and advancing the year’s economic work. Significant achievements we have made through reform have demonstrated distinctive timeliness and practicality, which can be reflected in the breadth and depth of reform, as well as its impact on the development of the Party’s and the nation’s various undertakings. The last one is about the extensive participation of the people. We have promoted reform with the priorities of people’s interests and respected their pioneering spirit under the leadership of the Party. Besides, we have “crossed the river by feeling the stones” while strengthening top-level planning. By resolving the most relevant and practical problems to the people, we continuously enhance their sense of fulfillment, happiness, and security. This has stimulated innovative vitality of reforms and initiatives across society.

Xi stressed that China still faces more complex contradictions and problems on the road to reform. Therefore, he said it is crucial to combine advancing reforms with serving the overall work of the Party of the state, promoting institutional integration, and forestalling and defusing major risks. He also urged to stimulated innovative vitality and initiatives of all sides to open new chapters of reforms.

The Party committees (leading Party groups) of central enterprises are an important part of the Party’s organizational system and play a leading role in setting directions, managing the overall situation, and promoting implementation, according to the meeting. 

The relations among the Party Committees, the Board of Directors and the management should be properly handled to forge a corporate governance mechanism featuring statutory and transparent allocation of rights and responsibilities, as well as coordinated operation and effective checks and balances.

According to the meeting, China needs to move faster to build an economic system featuring green, low-carbon, and circular development, and to promote a comprehensive green transition of the economic and social development. These are essential solutions to the domestic problems on natural resources, environment and ecology. The new philosophy should be promoted across the board, from planning, design, investment, construction, production, circulation, lifestyle, to consumption, so that high-quality growth and environmental protection can be realized at the same time.

The meeting also pointed out that environmental disclosures are crucial to company environmental management and ecological civilization. The new rule applies to the environmental practices of companies with a focus on those causing significant environmental and health impact or public concern. A mandatory system for disclosing environmental information should be in place, when companies meet their legal obligations, disclosure requirements are clearly defined, mechanisms of collaborative management and supervision are established, and the rule of law is upheld.

It was emphasized at the meeting that we should establish and optimize the coordination mechanism for administrative data sharing in an orderly and secure way. 

The meeting urged to deepen the budget system reform and leverage the advantage of pooling financial resources to accomplish major tasks. The government calls for tightening the belts and avoiding practices of extravagance.

The meeting stressed that ideological and political work is a fine tradition and political advantage of the Party, which should be enhanced.

According to the meeting, to optimize tax enforcement, we must transform tax enforcement, service, and regulation to make them more targeted. By doing so, we can significantly improve people's compliance with tax laws, increase their satisfaction, and noticeably reduce the cost of tax collection and payment. This will enable us to fully leverage the pillar role of taxation in national governance.

The meeting noted that the establishment of a financial court is an important measure to support the implementation of national financial strategies, foster a sound legal environment for finance, and promote healthy economic growth. Beijing, as the national financial management center, should establish a financial court with high standards.

Members of the Central Commission for Comprehensively Deepening Reform and leading officials of relevant central Party and government departments attended the meeting.