President Xi Jinping, in calling for a unified and open economy, wants this for high-quality growth and a boosted industrial capability during these times of rising protectionism and intense global competition.
Stating that improved regional planning to upgrade industrial chains is the way for a unified and open economy, the general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, President Xi Jinping urges efforts for this to happen.
In his speech during the meeting of the Central Committee for Financial and Economic Affairs, he said that China needs to fully explore its system's strength and take advantage of its huge local market so as to modernize and upgrade its industrial chains.
The meeting stressed for a competitive, open and unified economy with the market having a decisive part in resource allocation.
The meeting also asked for a balanced and coordinated development in the mainland for deeper regional cooperation.
Policymakers at the meeting also agreed on expediting the unified pension system at the national level.
Problems in China's pension system, though known, is difficult to solve though the government already made the right moves.
Beijing already established a central adjustment system for basic pension funds for enterprise employees. This happened on July 1, 2018.
Likewise, this system's annual budget was made public.
However, to fully solve the issues in the pension system, national coordination is needed.
The meeting also paid special attention to its northeastern region, China's old industrial base.
It was called to adjust its economic structure for an accelerated reform of State-owned enterprises so the creation of new frontiers for more opening-up opportunities for a diversified industrial development will happen.
Agreeing is Liu Chunsheng, an associate professor of international trade at the Central University of Finance and Economics who said that addressing the imbalance of development among China's different regions will result in new growth momentum.
Liu also added that "To achieve coordinated development and avoid excessive competition," comparative advantages of each region should get tapped into while staying with targeted development strategies.
This will also attract global capital while preventing outbound industrial transfers, Liu noted.
Huang Maoxing, dean of the School of Economics at Fujian Normal University, already sees the Chinese economy growing in a more balanced way.
He agrees that a unified and open economy will build a solid base for high-quality development.
The meeting with President Xi states that China needs to do some restructuring to improve its industrial base to make it more self-reliant.
The meeting also states that the mainland needs more support for technological collaboration among companies.
