The Plenary Session emphasizes the fundamental position of the basic socialist economic system, and clarifies that the basic socialist economic system includes, among others, "public ownership playing a dominant role and diverse forms of ownership developing side by side, with distribution according to work as the mainstay and a variety of modes of distribution coexisting, as well as the socialist market economy (SME)”, while stressing the need to fully implement the New Development Concept, improve the system and mechanism for science and technology innovation, and provide important guarantees for the high-quality development of the economy.

Everyone has agreed that it is essential to adhere to the basic socialist economic system, give full play to the decisive role of the market in resource allocation, better utilize the government’s role, fully apply the New Development Concept, and stick to the supply-side structural reform (SSSR) as the main thread to accelerate the construction of a modern economic system.

For Shanghai, where an all-out effort is being made to implement the three new major tasks, learning and acting on the spirit of the Fourth Plenary Session of the 19th CPC Central Committee must be combined with planning & promotion of the long-term development of Shanghai as well as the current work, and it is also necessary to voluntarily comply with the direction of modernization of the national governance system and capacity. 

Shanghai Municipal Development and Reform Commission (SDRC) pointed out that they should focus on the key tasks and spare no efforts to push the development and reform work to a new stage under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era; particularly with regard to the two major tasks of construction of Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone (SFTZ) and the integrated development of the Yangtze River Delta (YRD) region, it is vital that they should be brave in shouldering responsibilities and capable of making a difference to fulfill the commission for Shanghai development entrusted by General Secretary (of the CPC). Lin-gang Special Area of SFTZ should, in accordance with the requirements for building a new system for a higher-level open economy, further benchmark itself against the free trade zones (FTZs) boasting the internationally recognized strongest competitiveness, and implement the open policies and systems with a strong international market competitive edge, in an effort to build itself into a special economic functional zone with more influence and competitiveness in the international market, and better serve the overall strategic arrangement for opening up. As for the advancement of the integrated development of the YRD, we must uphold and improve the system for developing an ecological civilization and promote the harmonious coexistence between humans and nature as proposed by the Plenary, lay down the concept of green development, explore new ways for economic development and ecological environmental protection to supplement and complement each other, facilitate building a demonstration area in the YRD on ecologically friendly development, and build a new benchmark for the transformation of eco advantages that will serve as a model for the exploration into the high-quality coordinated regional development across the country.

Bai Tinghui, Party Secretary and Director of the Shanghai Municipal State-owned Assets Supervision and Administration Commission (SASAC), said that the state-owned assets (SOAs) and state-owned enterprises (SOEs) in Shanghai will thoroughly carry out and implement the spirit of the Fourth Plenary Session, get a profound grasp on the goal, requirement and key task of modernizing the governance system and capacity, effectively strengthen the institutional awareness, focus on perfecting the system, improving the mechanism and building the system, take the opportunity of carrying out the experiment and action plan for comprehensive reform of SOAs and SOEs, comprehensively enforce strict party self-management & self-governance, comprehensively deepen SOA & SOE reform, comprehensively build a general pattern for state-owned capital supervision, and strive to initiate a new stage for the reform and development of SOAs & SOEs.

“It is necessary to consolidate and develop unswervingly the public sector of the economy.” SOEs shoulder the important missions of economic development, transformation and upgrading.

As a vanguard of large-scale SOEs in the city, Shanghai Electric Group Company Limited has been taking the initiative to render services for and align itself with the three major tasks assigned by the central government to Shanghai, seizing the opportunities brought by the “Belt and Road Initiative (BRI)” and the “Integrated Development of the YRD Region” policies, adhering to the concept of development with speed, quality and efficiency / benefit in balance, further emancipating the mind, deepening drivers of innovation, accelerating industrial transformation and structural adjustment, vigorously developing main emerging businesses such as smart manufacturing, intelligent energy, intelligent transportation, aviation equipment and high-end medical equipment, and promoting the inventory industries to realize “transformations in the four aspects” of manufacturing model, business structure, industrial form and business model.

Zheng Jianhua, Party Secretary and Chairman of Shanghai Electric Group, said: “We must not only take a long-term perspective by combining the carrying out of the spirit of the Fourth Plenary Session with implementation of the major strategic tasks assigned by the central government and the Municipal Party Committee to Shanghai Electric, but also address the immediate needs by combining the carrying out of the spirit of the Fourth Plenary Session with implementation of the 'three-step' strategic development goals by the Group, adhering to being guided by high standards, focusing on putting in time and energy to the smallest details, and devoting great efforts with an overall plan taking all factors into account to carry forward & carry out all the work currently underway, and to do research on and put forward plans & ideas for the work in the next year, thus ensuring a perfect ending to this year and a good start to next year.”

Party members and the masses of SAIC Motor Corporation Limited said that they will fully act on the New Development Concept, keep taking SSSR as the main thread, take the lead in implementing the “CASE (Connected, Autonomous, Shared, Electric)” strategy in China’s domestic automotive industry, and exert all efforts to propel the transformation and development of the enterprise through innovation. This automaker, in the first three quarters of this year, has reported sales of new energy vehicles (NEVs) exceeding 120,000 units, a growth rate of 32.3%, and that of overseas vehicles exceeding 240,000 units, a growth rate of 15.5%, shining with innovation-triggered transformation in full bloom in the current domestic car market.

The country will unswervingly encourage, support and guide the development of the non-public sector, uphold the distribution system whereby distribution according to labor is dominant and a variety of other modes of distribution exist alongside it, accelerate improving the SME, improve the system and mechanism for scientific & technological innovation, and build a new system for a higher-level open economy – Private entrepreneurs in Shanghai felt excited about and inspired by the positive signals released by the plenary session, saying that the spirit of the plenary session has pointed out the directions for the future development of their companies; they will increase investment and enhance internal strength in technology R&D, talent cultivation, etc., and persist on the path of innovation.

As a high-tech private enterprise, Shanghai PATEO has invested up to CNY 500 million in research and development this year, with a cumulative total of 3,400 intellectual property rights (IPRs) and 300 core IPRs up to now. “Only innovation can lay a solid foundation for the future industrial development of PATEO.” Ken (Yilun) Ying, founder and Chairman of the company, said, “We’ll build a talent system and mechanism that is more open, more flexible and more internationally competitive, with the aim of cultivating more outstanding IoV talents for the automotive industry.”

“The Party and the State have always been attaching great importance to and supporting the development of the non-public economy. This is the basis for us and various other privately-owned enterprises to achieve sustainable development.” Zhang Hongliang, founder and CEO of Fresh Market (Shihang Shengxian), said, “We’ll fully implement the spirit of the Fourth Plenary Session of (the 19th Central Committee of) the (Communist) Party (of China), and focus on the cultivation of talents: In terms of concept, we should come to realize that talent is the first and primary resource, and fully understand the importance of outstanding talents for the development of an enterprise; when it comes to the system, we’ll carry out the management trainee program and recruitment of management talents from the outside concurrently, that is to say, on the one hand, we’ll seamlessly integrate with the graduate employment channel of higher education institutions, and cultivate high-quality talents for the company and the society; and on the other hand, we’ll extensively recruit elites from all over the world and make full use of them.”