Zheng Bijian delivers a speech in the forum.

The 2024 Understanding China Conference opened on Dec 3 in Guangzhou, South China's Guangdong province. Zheng Bijian, the founding chairman of the China Institute for Innovation and Development Strategy, delivered a keynote speech titled "China's Reform, Modernization, and New Opportunities for Global Development."

This year's edition of the Understanding China Conference is themed "Carrying through the Reform to the End". Zheng explained that the theme is decided based on the fact that China is comprehensively advancing a new round of the reform on its path to modernization. The theme not only reflects China's firm determination to build a strong country and promote national rejuvenation through Chinese modernization, but also underscores the noble mission of its participation in the building of a community with a shared future for mankind, he said.

Zheng shared three key points during his address: 

Only by understanding China's reform can one understand China's past, present and future.

"Since the third plenary session of the 11th Central Committee of the Communist Party of China (CPC) in 1978, China has built up a consensus that reform and opening-up are critical moves that determine the nation's future. Zheng highlighted that China's rapid development from a poor and backward country to the world's second-largest economy is attributed to its reform and opening-up. He emphasized that China has learned from its 46 years of practice that reform is an ongoing process with no definitive endpoint. In July of this year, the third plenary session of the 20th CPC Central Committee approved over 300 significant reform measures, demonstrating the Party's firm resolve to carry out the reform to the end.

Only by understanding Chinese modernization can one understand the grand blueprint for further comprehensively deepening the reform in China.

Zheng emphasized that opening-up is a defining feature of Chinese modernization. Despite some countries' attempt to advocate for decoupling and isolation, China remains committed to further opening-up", he said.

"China will not close its door just because some countries advocate decoupling and isolation or build 'small courtyards' and erect 'high walls.' On the contrary, we are increasingly aware of the value of further opening-up. This entails actively aligning with high-standard international economic and trade rules, deepening the reform in foreign trade, foreign investment access, and foreign investment management systems, and creating a world-class, market-oriented business environment governed by a sound legal framework."

Only by understanding the various significant reform and transformation in the process of Chinese modernization can one understand the new opportunities China brings to the world. Zheng said that globalization presents opportunities for China while China's reform and development offer opportunities for the world.

"Faced with sanctions or decoupling, China remains firmly committed to the path of peaceful development. We do not tread the path of establishing military blocs, engaging in military competitions or vying for hegemony, nor do we pursue the path of bullying smaller nations or establishing so-called spheres of influence. Instead, we adhere to reform and opening-up, maintaining independence and autonomy in the process linked to economic globalization, and promoting the development of socialism with Chinese characteristics," he said.

"It is important to emphasize that China never seeks an exclusive, self-sufficient modernization. Rather, we welcome other countries from around the world to actively participate in Chinese modernization with an open attitude, viewing China's reform and development as an opportunity for shared development among all nations."

Zheng highlighted that the international community has built up the consensus that "China's reform is vigorous, and China's economy is resilient." International financial institutions such as Goldman Sachs, JPMorgan Chase, and UBS have raised their expectations for China's economic growth this year, he said. A recent survey targeting over 100 Swiss companies revealed that business decision-makers generally express confidence in their operations in China, he added.