(19 Jul 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Beijing, China – 19 July 2024
1. Officials arriving at press conference
2. Mid of reporters
3. Mid of Mu Hong speaking
4. SOUNDBITE (Mandarin) Mu Hong, Executive Deputy Director, CPC Central Commission for Comprehensively Deepening Reform:
“By 2035, a high-level socialist market economy system will be fully established, the socialist system with Chinese characteristics will be further improved, the modernization of the national governance system and capacity will be basically achieved, and socialist modernization will be basically realized, laying a solid foundation for the comprehensive construction of a socialist modernized power by the middle of this century.”
5. Mid of Han Wenxiu speaking
6. Close of reporters
7. SOUNDBITE (Mandarin) Han Wenxiu, Executive Deputy Director, CPC Central Commission for Financial and Economic Affairs:
“The resolution emphasizes the need to promote the deep integration of the real economy and the digital economy, accelerate the development of modern service industries, strengthen the construction of modern infrastructure, and enhance the resilience and security level of industrial and supply chains. These are all inherent requirements for high-quality development.”
8. Reporter asking question
9. Mid of reporters
10. SOUNDBITE (Mandarin) Han Wenxiu, Executive Deputy Director, CPC Central Commission for Financial and Economic Affairs:
“We will accelerate the construction of a new development model for real estate, eliminate the drawbacks of the old model of high debt, high turnover, and high leverage. We need to build good houses that meet the new expectations of the people, better meet the rigid and improved housing demands, and establish corresponding foundational systems of financing, taxation, land, and sales.”
11. Reporter asking question
12. Close of reporters
13. SOUNDBITE (Mandarin) Han Wenxiu, Executive Deputy Director, CPC Central Commission for Financial and Economic Affairs:
“We will embrace international high-standard economic and trading rules. In areas such as property rights protection, industrial subsidies, environmental standards, labor protection, government procurement, e-commerce and finance, we need to promote harmonization and connectivity of rules, regulations and management standards. We need to push forward the building of an efficient, convenient, and secure mechanism for cross-border data flow, and create a transparent, stable, and predictable institutional environment.”
14. Mid of reporters
15. Wide of press conference
STORYLINE:
China’s ruling Communist Party (CPC) wrapped up a top-level meeting on Thursday by adopting a resolution on “further deepening reform comprehensively to advance Chinese modernization.”
The resolution draws up an ambitious but vague blueprint for the modernization of the world’s second largest economy that is under the pressure of economic slowdown.
“By 2035, a high-level socialist market economy system will be fully established, the socialist system with Chinese characteristics will be further improved…” said Mu Hong, a senior CPC official at a press conference on Friday.
Driving a shift to new quality productive forces will be among China’s top priorities in promoting high-quality development in the long run, said Han Wenxiu, executive deputy director of CPC Central Committee for Financial and Economic Affairs.
Addressing concerns that have weakened consumer confidence, the CPC resolution urges for a new development model for real estate to replace the old one with “high debt, high turnover, and high leverage.”
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