I. Background

The 20th Central Committee of the Communist Party of China (CPC) convened its third plenary session in Beijing from 15 to 18 July 2024. At this highly anticipated leadership meeting, the CPC Central Committee considered and adopted the Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization (hereinafter ‘the Resolution’). 

II. Significance of the 2024 Third Plenary Session

Through the Resolution adopted in this year’s third plenary session, the central leadership of the CPC unveiled a master plan to deepen China’s reform and modernize the country, while also detailing major reform directions and more than 300 reform initiatives in various fields and aspects. 
It is worth noting that the third plenary session this year has not only outlined the reform priorities for the long term, but also committed to meeting short-term economic targets, which is uncommon.  
Another point to note is that this year’s Resolution has devoted noticeably more coverage to Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). 

III. Key highlights from the Resolution

The Resolution provides a five-year reform blueprint for China. The overall objectives of further deepening reform are to ‘continue to improve and develop the system of socialism with Chinese characteristics and modernize China’s system and capacity for governance’. Below are the key highlights:
1. Over 300 reform tasks to be completed in five years
2. Leveraging ‘new quality productive forces’ to promote high-quality economic development
3. Promoting high-standard opening-up
4. Supporting innovation and technological advancement
5. Improving people’s livelihood

IV. Implications for Businesses

1. China’s commitment to reform and opening-up boosts business confidence and improves growth prospects
2. China’s consumer market is full of opportunities
3. New business opportunities abound in international trade and investment 
4. Business environment is getting better and better
5. Seize the opportunities from China’s technology and innovation push

V. Implications for Hong Kong and the Greater Bay Area

1. Finance
2. Trade
3. High-value-added supply chain and higher education
4. Regulatory alignment with the world
5. A hub for dealing with foreign-related affairs
6. Effective international communication