Institutions crucial to growth, Party stresses

Experts: Recent session calls for China to leverage strength of system

China will focus on leveraging its institutional advantage and creating a more consistent and institutionalized rule of law to upgrade its growth model and build a high-standard and open economic system. It's a focus that became more clear after a recently concluded key Party meeting laid out the goal of modernizing the country's socialist market economy and its economic governance capacity, experts said.

The Fourth Plenary Session of the 19th Communist Party of China Central Committee held last month sent a clear and strong message from the central leadership that building systems and institutions has been the key to the country's economic success, they said. Building such systems will continue to be the cornerstone and a critically important factor that matters for China's future development, given that the country's growth is seeing rising headwinds, they added.