More than a month has passed since the end of the third plenary session of the 20th Central Committee of the Communist Party of China, but experts across the world are still discussing and analyzing its outcomes and their likely impacts on the world, the global economy and global governance system in particular.

There is an explanation for that: the third plenary session is usually devoted to the economy, and everything that happens in the Chinese economy today directly affects the macroeconomic situation in the world.

China a stabilizing factor in global economy

China is a stabilizing factor in the global economy, because its contribution to global economic growth has long been, according to China's Ambassador to Russia Zhang Hanhui, more than 30 percent. The stability of the Chinese economy is vital to the sustainability and progressive development of the global economy, the growth of global trade and cross-border investment. On the other hand, the decline in business activity is a sign of a future slowdown in economic growth.

That's why the world cannot afford to remain indifferent to news from China or not assess its development prospects.

The plenum was one of the main events in China's domestic politics this year, and its decisions can be considered among the most important in the history of the CPC. Many analysts have called it epochal, and I agree with this assessment.

The two other epoch-making third plenums were the third plenum of the 11th CPC Central Committee in 1978 which changed the course of history by launching reform and opening-up in 1978, and the third plenum of the 18th CPC Central Committee in 2013 which consolidated the policy of reform and opening-up.

The third plenum of the 20th CPC Central Committee was held at a key historical moment — at a time when the country is advancing Chinese modernization to realize national rejuvenation and is on the road to building a great modern socialist society that is prosperous, strong, democratic, culturally advanced, harmonious, and beautiful.

On this journey, however, China has been facing unprecedented challenges due to disruptions in the once strong industry and supply chains both within and outside the country. The disruptions can be attributed to the deterioration in the international landscape, because of increasing geopolitical uncertainties, the trade protectionist policies of and the rising anti-globalization sentiments in some economies.

That's why the resolution of the third plenum of the 20th CPC Central Committee was prepared carefully, without unnecessary haste.

The plenum updated the strategy for further deepening reform comprehensively to advance Chinese modernization, and realize the rejuvenation of the Chinese nation. The main goals and directions, and timeframes for the comprehensive deepening of reform have been formulated. In particular, the plenum has decided to complete more than 300 key reform measures by 2029.

The importance the country attaches to these measures can be gauged from the fact that the Party guided by the top leader spent seven months preparing the draft documents after intense discussions, consultations and exchange of opinions. Taking into account the importance of a correct understanding of the resolution of the third plenum of the 20th CPC Central Committee, the explanations of the main provisions of the document are devoid of unnecessary discrepancies.

China, Russia cooperation not targeted at third parties

Contrary to what some Western media reports forecast about the outcome of the resolution against the backdrop of the unfolding US sanctions on Chinese entities, China has decided to focus on the domestic market to achieve sustainable growth and, at the same time, continue to deepen cooperation with other economies, seeking new points of common development. As is clear from the plenum's resolution, China will not succumb to the pressure of Western sanctions, nor will it isolate itself from the rest of the world. In fact, China has made it crystal clear that it is committed to advancing high-level opening-up and expanding economic and trade relations with other economies.

China's aim is to develop a more efficient socialist market economic system which focuses on expanding opening-up and promotes peaceful global development. Chinese President Xi Jinping has said for China and the United States, turning their back on each other is not an option, stressing it is unrealistic for one side to remodel the other, and conflict and confrontation have unbearable consequences for both sides.

Meanwhile, Russian-Chinese economic cooperation is opening up new avenues of cooperation and common development, especially because Russia-China relations are based on mutual trust and mutual respect.

The bilateral relationship is based on the principles of equal partnership and mutual benefit. And the partnership got a boost during Chinese Premier Li Qiang's just-concluded visit to Russia, during which both sides promised to strengthen trade and investment while simplifying the visa regime.

Russia is among the leading economies of the world. It is a fairly large market with high purchasing power, and a resource-sufficient economy with high scientific potential. Also, the Russian and Chinese economies are complementary, which means Russia and China are beneficial to each other. That means the two countries are more likely to find more common development grounds and achieve new breakthroughs in fields such as science and technology including information and telecommunications technology, artificial intelligence, digitalization, quantum computing, biotechnology and pharmaceuticals; and cultural exchanges; education; environmental protection; and low-carbon development.

No wonder the two countries have worked out plans to create new growth drivers by deepening cooperation between their development institutions. And the "creation of a unified national market" and "expansion of institutional openness" in China, as stated in the plenum's resolution, will help implement these plans.

What about the US strategy of imposing sanctions on Chinese entities, including Chinese multinational companies such as Huawei, and punitive tariffs on Chinese products including Chinese-made electric vehicles (EVs), EV batteries and solar photovoltaic products to check China's rise? Or the harsh sanctions against Russian companies and entities to weaken Moscow?

The US' antagonistic policies toward China and Russia will only strengthen the bond between the two neighbors and help accelerate the development of a truly multipolar world order. The US' sanctions and aggressive measures against Chinese and Russian entities may also prompt the two countries to intensify their efforts to establish a permanent, more efficient and hassle-free trade-settlement mechanism over which Western sanctions will have no effect.

Russia and China have been working together to create such a mechanism, using, among other things, the institutional instruments of the Shanghai Cooperation Organization and BRICS. Such efforts are entirely in line with the global trend of multipolarity and democratization of international relations, which will also enrich the Russia-China comprehensive strategic partnership of coordination for a new era.

Amid all this, both Moscow and Beijing have made it clear that their partnership does not have an anti-West orientation. The two neighbors, unlike the US, are not looking for a "common enemy" and do not want to engage in zero-sum games, in which one country's gain is necessarily another country's loss. Instead, both countries are committed to promoting common development and realizing common prosperity.

More importantly, the heads of our two countries have reached strategic agreements on radically deepening mutual cooperation between our countries. Last year's amount of $240 billion is far from the limit of annual trade turnover between our countries, already in the first half of this year its growth was noted compared to the previous year.

It is symbolic that the bilateral relations of strategic partnership between our countries are getting a new boost precisely on the 75th year of the establishment of diplomatic relations between Moscow and Beijing. The updated strategy of comprehensive Chinese modernization adopted at the third plenum of the 20th CPC Central Committee brings more opportunities. Russia and China can thus look forward to a brighter future despite all the tricks of the US-led West, including economic and other unfair and uncalled-for sanctions aimed at restraining China and Russia.

The author is deputy director of the St Petersburg branch of the Russia-China Friendship Association and director of the Center for the Study of China and Asia-Pacific Countries at St Petersburg State University of Economics.

The views don't necessarily reflect those of China Daily.

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