China's Communist Party Plans High-Standard Socialist Market Economy by 2035, Aiming for Reforms by 2029, Says Han Wenxiu

China's Communist Party has outlined an ambitious plan to establish a high-standard socialist market economy by 2035, emphasizing the enhancement of market mechanisms to foster a fairer and more dynamic market environment. This initiative was discussed during a key reform-themed meeting, where the Central Committee for Financial and Economic Affairs highlighted the importance of expanding various markets, including commodity, service, capital, and labor markets, to engage more actively with international standards. The plan, described as 'Chinese-style modernization', aims to address inherent contradictions, risks, and challenges that may arise during its implementation. Additionally, the Communist Party aims to complete reforms to advance this modernization by 2029, with a focus on building a comprehensive market system as a major reform task.