CBN丨The key “historical resolution”: what is it and why does it matter?

China Business Now李莹亮,实习记者张然 2021-11-11 18:29


Hi everyone. I’m Stephanie LI.


Coming up on today’s program.


What is President Xi’s “historical resolution” and why is it important;

Chinese regulators took a step toward clearing the use of mRNA vaccines.

Here’s what you need to know about China in the past 24 hours 


On Monday, a “historical resolution” was being reviewed and likely adopted by top officials of China’s Communist Party at the Central Committee’s most important meeting ahead of next year’s National Congress.

Xi Jinping, general secretary of the CPC Central Committee, explained to the plenum a draft resolution on the major achievements and historical experiences of the Party's 100 years of endeavors.

The key resolution at the sixth plenary session this week will be a crucial political document that could chart the Party's direction for the next few decades, analysts said. It is only the third since the CPC’s foundation in 1921, with previous resolutions delivered by Mao Zedong and Deng Xiaoping.

What are “historical resolutions”?

Historical resolutions are official summaries of the party’s history from its formation in 1921 to the point of the resolution’s publication. They address leading political figures, key achievements, lessons learned, and directions for future policies.

What is the significance of Xi’s resolution?

State media has reported that the latest resolution will help establish Xi’s authority and also promote key party ideas such as the Chinese dream. According to a statement released after the Politburo meeting in August, such a summary is instrumental to resolutely uphold the authority and central unified leadership of the Party's Central Committee and ensure that the whole Party can march forward in unison.

Looking back on the Party's history is also important in terms of moving forward with the CPC's self-reform, improving its fighting capacity and ability to respond to risks and challenges, and forever maintaining the Party's vitality and vigor.



为何在六中全会上总结历史?本周召开的六中全会是中国共产党建党百年后的首次重要全会,总结历史有利于在实现中华民族的伟大复兴的过程中,坚持党的全面领导,坚决维护习近平总书记的党中央的核心、全党的核心地位, 确保全党步调一致向前进,带领百年大党奋进新征程。


Update on COVID-19


  • The Chinese mainland reported 47 new local cases yesterday, including 21 from Liaoning and 13 from Henan.


  • An mRNA vaccine jointly developed by Chinese biotech company Walvax Biotechnology and Suzhou Abogen Biosciences won administrative approval to conduct a Phase 3b clinical trial of the shot. Approval was granted to assess the efficacy and safety of using the mRNA vaccine as booster shots for adults inoculated with inactivated-virus vaccines, according to public records on the Ministry of Science and Technology website. 


Next on industry and company news


  • The fourth China International Import Expo (CIIE) closed yesterday with $70.7 billion worth of deals signed, according to the event’s organizers. Affected by the Covid-19 pandemic, the figure was down 2.6 percent from last year. About 150,000 square meters of exhibition space has already been booked for next year's expo.


  • Chinese ride-hailing giant Didi Chuxing has launched a takeout service in the northern city of Tianjin, its second foray into China’s food delivery sector after an initial flop, media reported today.


Switching gears to the financial sector


  • Data released Wednesday by the People’s Bank of China showed mortgage loans accounted for more than 40 percent of China’s new bank lending in October as banks moved to ease up on real estate lending restrictions. Banks extended 826.2 billion yuan ($129.3 billion) of new loans in October, down sharply from 1.66 trillion yuan in September. Of the new loans, 348.1 billion yuan were mortgages, up 101.3 billion yuan from September.


Wrapping up with a quick look at the stock market


  • Chinese stocks closed higher on Thursday, with real estate developer leading the gains, and stocks related to Metaverse remained popular. The Shanghai Composite rose 1.15 percent and the Shenzhen Component went up 1.27 percent. The Hang Seng Index also gained 1.01 percent today.


Biz Word of the Day


  • A grace period is a set length of time after the due date during which payment may be made without penalty. 

    宽限期还款法是在等额本金还款法的基础上衍生出的一种还款方式。 即在贷款合同约定的还款周期内,增加还款宽限期,借款人在宽限期内归还每期还款额的,视同正常还款,不计收宽限期罚息。



Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI, ZHANG Ran, HE Liuying

Producer: XIANG Xiufang

Sound Editor: ZHANG Ran, Andy YUAN

Graphic Designer: ZHENG Wenjing, LIAO Wanni

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(作者:李莹亮,实习记者张然 编辑:李艳霞)