Politburo Meeting on the Economy - Registration-based IPO Reform - Zhong Sheng: US-China Decoupling 'Unrealistic' - Pei Jinjia on Veterans Affairs Work
Here are the stories and pieces that I found noteworthy from the Thursday, February 2, 2023, edition of the People’s Daily.
Page 1: At the top of the page is a report on Xi Jinping sending a message of condolence to his Pakistani counterpart, Arif Alvi, on Wednesday over the severe terrorist attack in Peshawar. Xinhua says:
“China opposes any kind of terrorism and strongly condemns the incident, Xi stressed, adding that China will continue to firmly support Pakistan's efforts in pushing forward its national counter terrorism action plan, safeguarding social stability and protecting people's safety. Xi said China stands ready to advance anti-terrorism cooperation with Pakistan, and work together to maintain peace and security in the region as well as the world at large.”
Li Keqaing also wrote to Pakistan Prime Minister Shahbaz Sharif.
The main story on the page (English report), however, is about the second group study session of the Politburo on Tuesday afternoon. The meeting focussed on accelerating the construction of a new development pattern The report says that Yin Li, Liu Guozhong, He Lifeng, Zhang Guoqing, Chen Jining, and Huang Kunming delivered speeches during the meeting based on their experiences and work.
Xi said that in recent years, some progress had been made in building a new development pattern. “The ideological consensus has been consolidated, the work foundation has been consolidated, and the policy system has been continuously improved. However, there is still a long way to go to fully build a new development pattern. 他指出，近年来，构建新发展格局扎实推进，取得了一些成效，思想共识不断凝聚、工作基础不断夯实、政策制度不断完善，但全面建成新发展格局还任重道远. He called for adopting a problem-oriented approach and applying systems thinking to tackle major problems, deepen reform, and advance innovation. 要坚持问题导向和系统观念，着力破除制约加快构建新发展格局的主要矛盾和问题，全面深化改革，推进实践创新、制度创新，不断扬优势、补短板、强弱项.
Xi Jinping emphasised that it is necessary to do a good job in coordinating the expansion of domestic demand and deepening supply-side structural reforms in order to form a higher level of dynamic balance in which demand drives supply and supply creates demand, and realise a virtuous cycle of the national economy. Resolutely implement the outline of the strategic plan for expanding domestic demand, form a complete domestic demand system as soon as possible, and focus on expanding consumption demand supported by income, investment demand with reasonable returns, and financial demand constrained by principal and debt. Establish and improve a long-term mechanism to expand residents' consumption, so that residents can consume with stable income, dare to consume without worries, and have a good consumption environment and a strong sense of willingness to consume. We will improve the investment expansion mechanism, expand the effective investment space, moderately deploy new infrastructure construction ahead of schedule, expand investment in high-tech industries and strategic emerging industries, and continue to stimulate the vitality of private investment. Continue to deepen supply-side structural reforms, continue to promote scientific and technological innovation and institutional innovation, break through supply constraints, bottlenecks, and vulnerabilities, enhance the competitiveness and security of the industrial chain and supply chain, meet the existing demand with self-controllable, high-quality supply adaptation, and create and lead new demand.” 习近平强调，要搞好统筹扩大内需和深化供给侧结构性改革，形成需求牵引供给、供给创造需求的更高水平动态平衡，实现国民经济良性循环。坚决贯彻落实扩大内需战略规划纲要，尽快形成完整内需体系，着力扩大有收入支撑的消费需求、有合理回报的投资需求、有本金和债务约束的金融需求。建立和完善扩大居民消费的长效机制，使居民有稳定收入能消费、没有后顾之忧敢消费、消费环境优获得感强愿消费。完善扩大投资机制，拓展有效投资空间，适度超前部署新型基础设施建设，扩大高技术产业和战略性新兴产业投资，持续激发民间投资活力。继续深化供给侧结构性改革，持续推动科技创新、制度创新，突破供给约束堵点、卡点、脆弱点，增强产业链供应链的竞争力和安全性，以自主可控、高质量的供给适应满足现有需求，创造引领新的需求.
Xi Jinping pointed out that it is necessary to speed up the pace of self-reliance and self-improvement in science and technology and address the problem of foreign chokepoints. 要加快科技自立自强步伐，解决外国“卡脖子”问题. He added that it was important to “boost strategic sci-tech strength, in order to make the country a global pacesetter in key scientific and technological fields.”
The next paragraph reports Xi as having said that “the new development pattern is based on a modern industrial system, and an unimpeded economic cycle requires orderly and efficient connectivity of various industries. We must continue to put the focus of economic development on the real economy, solidly promote new industrialisation, accelerate the development of a manufacturing power, a quality power, a cyber power, and a digital China, and create an internationally competitive digital industrial cluster. In keeping with the general trend of industrial development, encourage industries with weak links to strengthen their chains, industries with strong advantages to extend their chains, traditional industries to upgrade their chains, and emerging industries to build chains, so as to make industrial development more sustainable and competitive. Efforts will also be made to support enterprises' full participation in the global industrial division of labour and cooperation, promote deeper integration of domestic and foreign industries, and build a modern industrial system that is independent, controllable, safe, reliable and highly competitive.” 习近平强调，新发展格局以现代化产业体系为基础，经济循环畅通需要各产业有序链接、高效畅通。要继续把发展经济的着力点放在实体经济上，扎实推进新型工业化，加快建设制造强国、质量强国、网络强国、数字中国，打造具有国际竞争力的数字产业集群。顺应产业发展大势，推动短板产业补链、优势产业延链，传统产业升链、新兴产业建链，增强产业发展的接续性和竞争力。优化生产力布局，推动重点产业在国内外有序转移，支持企业深度参与全球产业分工和合作，促进内外产业深度融合，打造自主可控、安全可靠、竞争力强的现代化产业体系.
The next paragraph discusses the need to boost rural consumption, coordinated development of urban and rural areas, as well as of different regions, and breaking down barriers to build a unified national market. Then, the final paragraph says this:
Xi Jinping emphasised that it is necessary to further deepen reform and opening up, and inject the impetus and vitality into the ‘dual circulation’ of domestic and international markets. Deepen the reform of factor markets, build a high-standard market system, and accelerate the construction of a unified national market. Improve the basic systems for the market economy, such as property rights protection, market access, fair competition, and social credit, strengthen anti-monopoly and anti-unfair competition work, regulate and guide the sound development of capital in accordance with the law, create a favourable environment for all types of business entities to invest and start businesses, and stimulate their vitality.” 习近平强调，要进一步深化改革开放，增强国内外大循环的动力和活力。深化要素市场化改革，建设高标准市场体系，加快构建全国统一大市场。完善产权保护、市场准入、公平竞争、社会信用等市场经济基础制度，加强反垄断和反不正当竞争，依法规范和引导资本健康发展，为各类经营主体投资创业营造良好环境，激发各类经营主体活力.
He also talked about the need for high-level opening-up, especially on institutional fronts, emphasised high-quality BRI development, and the need to actively participate in negotiations of global economic and trade rules to help establish an open, diverse and stable world economic order.
Next, there’s a report with data from MIIT, saying that China’s software and information technology service industry’s revenue jumped to 10 trillion yuan last year. There are more than 35,000 enterprises above designated size in the national software and information technology service industry.
Total industry profit was 1,264.8 billion yuan, a year-on-year increase of 5.7%. The report informs that the revenue of information technology services was 7,012.8 billion yuan, a year-on-year increase of 11.7%. Among these:
cloud services and big data services achieved a total revenue of 1,042.7 billion yuan, a year-on-year increase of 8.7%, accounting for 14.9% of information technology service revenue.
Integrated circuit design revenue was 279.7 billion yuan, a year-on-year increase of 12.0% %
E-commerce platform technical service revenue was 1,104.4 billion yuan, a year-on-year increase of 18.5%.
Page 2: There’s an interview with an official discussing the proposed reform of implementing a registration-based IPO system across all the stock exchanges in Shanghai, Beijing and Shenzhen. In guidelines issued yesterday, the China Securities Regulatory Commission said that the registration-based IPO system, which already has been piloted by the STAR Market, the start-up board ChiNext and the Beijing Stock Exchange, will be expanded to the main boards in Shanghai and Shenzhen. The interview in PD says that this move is “of great significance for improving the functions of the capital market, implementing the innovation-driven development strategy, and better serving high-quality development.”
SCMP’s report has a good summary of what the change means. “Under the registration-based system, the exchanges will require full information disclosure by companies once they submit their listing applications. Applicants will receive the green light to raise funds on the stock market once the exchange confirms the truthfulness of the disclosures.”
In PD, the official also explains the difference between the registration-based and the current approval-based system.
“The reform of the registration system is not just about moving the audit subject from the China Securities Regulatory Commission to the stock exchange but also an adjustment of the relationship between the government and the market. By fully implementing the concept of information disclosure as the core, the whole process of issuance and listing will be more standardised, transparent and predictable.”
What this means is that:
After the reform, only the necessary qualifications and compliance conditions for the public offering of shares are retained, and the substantive threshold under the approval system is transformed into information disclosure requirements as far as possible, and the audit department no longer makes judgments on the investment value of enterprises.
The implementation of the registration system does not mean relaxing the quality requirements. In fact, the audit will now be more strict. The audit work is mainly carried out through inquiry, urging the issuer to disclose information truthfully, accurately and completely. At the same time, comprehensive use of multi-factor verification, on-site supervision, on-site inspection, complaints and reports verification, supervision and law enforcement and other ways to ensure the issuer's first responsibility for information disclosure and the intermediary's ‘gatekeeper’ responsibility.
The change also opens the doors for reviews. “The standards, procedures, contents, processes and results of the examination and registration are all open to the public.”
The next question is “what are the optimisations of this reform in improving the registration system with information disclosure as the core?” The official says:
“The general idea is to keep the basic structure of the exchange review and the CSRC registration unchanged, further clarify the division of responsibilities between the exchange and the CSRC, and improve the efficiency and predictability of the review and registration.” 总的思路是，保持交易所审核、证监会注册的基本架构不变，进一步明晰交易所和证监会的职责分工，提高审核注册的效率和可预期性.
The official adds that:
“the exchange will conduct a comprehensive audit on whether the enterprise meets the issuance conditions, listing conditions and information disclosure requirements”
“the CSRC shall simultaneously check whether the issuer conforms to the national industrial policy and sector/slab positioning, and will provide timely guidance to address major problems encountered in the audit of the exchange.
In the registration process of the CSRC, the CSRC shall perform the registration procedures according to law based on the audit opinions of the exchange, and make a decision on whether to approve the registration application of the issuer within 20 working days.” 优化注册程序。在交易所审核环节，进一步压实交易所发行上市审核主体责任，交易所对企业是否符合发行条件、上市条件和信息披露要求进行全面审核。证监会同步对发行人是否符合国家产业政策和板块定位进行把关，并对交易所审核中遇到的重大问题及时指导。在证监会注册环节，证监会基于交易所审核意见依法履行注册程序，在20个工作日内对发行人的注册申请作出是否同意注册的决定.
The other two points the official mentions in this response is to have a unified registration system and CSRC strengthening coordination, supervision and assessment of the audit work of the exchanges.
The final question is: “How will the reform enhance the function of the multi-tiered capital market to serve the real economy?” The official says that this proposed reform will be “a new step in perfecting the multi-level capital market system.” He adds that the main boards in Shanghai and Shenzhen will serve mature large enterprises; the Sci-Tech Innovation Board will focus on “hard science and technology and play its role as an ‘experimental field’ for capital market reform; GEM will mainly serve growth-oriented innovative and entrepreneurial enterprises; the Beijing Stock Exchange and the national stock transfer system jointly function to support service-oriented SMEs.” 通过这次改革，多层次资本市场体系将更加清晰，基本覆盖不同行业、不同类型、不同成长阶段的企业。主板主要服务于成熟期大型企业。科创板突出“硬科技”特色，发挥资本市场改革“试验田”作用。创业板主要服务于成长型创新创业企业。北交所与全国股转系统共同打造服务创新型中小企业主阵地.
Page 3: There’s another Zhong Sheng commentary today on China-US ties. This one says that decoupling between China and the US is simply not feasible.
The first paragraph says that the US has been working to delay and obstruct China’s development through a number of measures, such as imposing tariffs, restricting Chinese companies’ operations in the US, restricting US companies’ investments in China, “suppressing” Chinese tech companies, “abusing” export controls and “forming small circles to contain China.” These “practices seriously undermine market rules and international economic and trade order, threaten the stability of the global industrial chain supply chain, and endanger the recovery and development of the world economy.” 近年来，美方沉迷于通过“脱钩断链”迟滞甚至中断中国发展进程。在经贸方面，美方对中国输美商品加征关税并维持至今，不仅出于政治目的限制中国企业赴美投资，还不断鼓动限制美国企业对华投资；在科技方面，美方不仅政治打压中国高科技企业，还滥用出口管制，胁迫、诱拉一些国家组建遏制中国的小圈子。美方做法严重破坏市场规则和国际经贸秩序，威胁全球产业链供应链稳定，危害世界经济复苏发展.
The next paragraph says that decoupling is unrealistic because China-US economic and trade cooperation is a mutually beneficial and win-win relationship based on comparative advantages and market choices, with highly complementary structures and deep interests. After highlighting bilateral trade data, the piece says:
“China has complete industrial facilities and good infrastructure, with a population of more than 1.4 billion and a middle-income group of more than 400 million, as well as the world’s largest market scale and huge consumption potential. The huge attraction of access to China’s market makes it a common consensus within business circles that investing in China means investing in the future. It is not in the interest of American enterprises to try to transfer the industrial chain out of China. According to the 2022 American Business in China white paper published by the American Chamber of Commerce in China, China is still the first choice market for American enterprises, and 83% of them have no plans to transfer their manufacturing or procurement out of China.” 中国产业配套完整，基础设施良好，有14亿多人口、4亿多中等收入群体，以及全球最庞大的市场规模和巨大消费潜力。中国市场的巨大吸引力，让投资中国就是投资未来成为商界普遍共识。美方试图将产业链转移出中国，并不符合美国企业利益。中国美国商会2022年《美国企业在中国》白皮书显示，中国仍是美国企业的首选市场，83%的企业没有将制造或采购转移出中国的打算.
The next paragraph says that a forced decoupling will do more harm than good. This basically highlights the costs to American enterprises and consumers. “According to the report released by the American Chamber of Commerce, decoupling from China seriously threatens US interests in the fields of trade, investment, services and industry. American investors could lose $25 billion in capital gains every year due to decoupling, and US GDP will fall by up to $500 billion. An American semiconductor company has predicted that the new round of export controls to China will result in billions of dollars in lost revenue and reduce the research and development funds it can use to maintain global competitiveness.” 美国商会发布的报告显示，与中国脱钩严重威胁美国在贸易、投资、服务和工业等领域的利益，美国投资者可能因脱钩每年损失250亿美元资本收益，美国国内生产总值将因此损失最多高达5000亿美元。美国一家半导体企业预测，新一轮对华出口管制将导致数十亿美元的收入损失，减少其可用于维持全球竞争力的研发资金。
The next paragraph is interesting:
“Economic globalisation is an objective requirement for the development of productive forces and an irresistible historical trend. Even in the face of US containment and repression, China has remained the world's largest trading nation in goods for six years in a row, with over RMB 73 million worth of goods moving in and out of China with the rest of the world every minute. The US decoupling from China will not change the reality of economic globalisation. It will only hand over cooperation opportunities with China to other countries. China has the world's most complete industrial system, the largest domestic market with the greatest potential, and the basic conditions for a virtuous domestic economic cycle. This provides a strong guarantee and the greatest source of confidence for responding to containment and repression. ‘Decoupling and breaking chains’ will not stop China from making further progress in innovation indicators, nor will it stop China from achieving high-quality economic development.” 经济全球化是生产力发展的客观要求和不可阻挡的历史潮流。即使面对美方遏制打压，中国也已经连续6年保持世界第一货物贸易大国地位，平均每分钟就有7300多万元人民币的货物在中国与世界各国之间进出。美国对华搞“脱钩断链”，改变不了经济全球化的现实，只会把对华合作机遇拱手让给其他国家。中国有世界最完整的产业体系和潜力最大的内需市场，具有大国经济内部可循环的基本条件，这是应对遏制打压的坚强保障和最大底气。“脱钩断链”阻挡不了中国在创新指标上继续进步，也阻挡不了中国经济高质量发展的进程.
The final substantive paragraph makes the point that China-US decoupling hurts global growth.
Next, there’s an article by Tony Lopez, editor of Biz News Asia, a weekly magazine in the Philippines. He writes about President Marcos’ visit to China in January, saying that it “achieved positive and practical results.” He highlights the importance of agricultural trade and cooperation between China and the Philippines. On the South China Sea issue, he writes that “negotiation and communication are always the best way for the Philippines and China to properly handle the South China Sea issue.” He says that during Marcos’ visit, the two leaders had a “candid” conversation on the South China Sea issue. The author then basically details the formal announcements that came out after the meeting. For instance, the two sides decided to establish a direct communication mechanism between the Department of Boundary and Ocean Affairs of the Ministry of Foreign Affairs of China and the Maritime and Ocean Affairs Office of the Department of Foreign Affairs of the Philippines.
He also mentions that after the visit, the two sides agreed to resume offshore oil and gas development consultations as soon as possible on the basis of existing achievements. He concludes by saying that “the stable development of Philippines-China relations is not only in line with the respective interests of the two countries, but also conducive to peace and development in the Asia-Pacific region.”
So, there’s nothing remarkable about the article in itself, but its timing is interesting given the reports of deepening US-Philippines security engagement. For instance, here’s the BBC’s report from today:
“The US has secured access to four additional military bases in the Philippines - a key bit of real estate which would offer a front seat to monitor the Chinese in the South China Sea and around Taiwan. With this deal, Washington has stitched the gap in the arc of US alliances stretching from South Korea and Japan in the north to Australia in the south. The missing link had been the Philippines, which borders two of the biggest potential flashpoints, Taiwan and the South China Sea, or the West Philippine Sea as Manila insists on calling it. The US already had limited access to five sites under the Enhanced Defense Cooperation Agreement (EDCA) - the new additions and expanded access, according to a statement from Washington, will "allow more rapid support for humanitarian and climate-related disasters in the Philippines, and respond to other shared challenges", likely a veiled reference to countering China in the region. The statement came after Defence Secretary Lloyd Austin met Philippine President Ferdinand "Bongbong" Marcos Jr in Manila on Thursday. The US hasn't said where the new bases are but three of the bases could be on Luzon, an island on the northern edge of the Philippines, the only large piece of land close to Taiwan - if you don't count China. The deal, which in part reverses the US' departure from their former colony more than 30 years ago, is no small matter. "There is no contingency in the South China Sea that does not require access to the Philippines," says Gregory B Poling, director of the Southeast Asia programme at the Centre for Strategic and International Studies in Washington. "The US is not looking for permanent bases. It's about places, not bases." That is, it is seeking access to places where "light and flexible" operations involving supplies and surveillance can be run as and when needed, rather than bases where large numbers of troops will be stationed.”
Page 7: There’s a Zhong Yin commentary today, which again defends China’s COVID-19 policies. It reiterates that the safety of people’s lives and health has been the priority in China’s policies. “Practice has fully proved that the guidelines and policies for epidemic prevention and control determined by the Party Central Committee are correct, scientific, and effective.” 实践充分证明，党中央确定的疫情防控方针政策是正确的、科学的、有效的. Basically, this refers to the notion that the easing of restrictions was decided based on an assessment of pathogenicity of the Omicron strain.
The piece then defends China’s economic policies over the past three years. “In 2022, China’s GDP exceeded 121 trillion yuan, an increase of 3% over the previous year at constant prices, faster than most major economies. Over the past three years, the Chinese economy has maintained an average annual growth rate of around 4.5%, which is significantly higher than the world average, and it has maintained a leading position among the world's major economies.” 022年，我国经济总量突破121万亿元，按不变价格计算比上年增长3%，快于多数主要经济体。三年来，我国经济保持4.5%左右的年均增长，明显高于世界平均水平，在世界主要经济体中保持领先. Recently, many international organisations have expressed optimism about China’s economic growth prospects, and believe that China is expected to become the ‘locomotive’ to drive global economic growth in 2023. It can be said that China's anti-epidemic achievements and development can completely stand the test of history. 近期，多个国际组织纷纷表示看好中国经济增长前景，认为中国有望成为拉动2023年世界经济增长的“火车头”。可以说，我国抗疫和发展的成绩完全经得起历史的检验.
The final bit of the article reiterates that “persistence is victory, and unity is victory.”
Page 9: On the theory page, the lead article today is by Pei Jinjia, Minister of Veterans Affairs of China. I am not doing a full breakdown. But here are some excerpts:
“Veterans are the precious wealth of the Party and the country, and they are a new force of economic and social development. We should persist in promoting the better placement of retired military personnel as the focus of our work, make efforts to upgrade their vocational skills, broaden employment channels, build an organic and unified education and training system of adaptive training, vocational skills training, academic education and lifelong vocational education, hold a series of recruitment activities and entrepreneurial innovation competitions, and establish an employment service information platform to help the majority of retired military personnel get full employment, stable employment, decent employment and high-quality employment, so that they can contribute their intelligence and realise the value of life in socialist modernisation.” 退役军人是党和国家的宝贵财富，是经济社会建设的生力军。要坚持把推动退役军人更好安置就业作为工作的着力点，着力提升职业技能、拓宽就业渠道，构建适应性培训、职业技能培训、学历教育、终身职业教育有机统一的教育培训体系，举办系列招聘活动和创业创新大赛，建立就业服务信息平台，帮助广大退役军人充分就业、稳定就业、体面就业、高质量就业，让他们在社会主义现代化建设中贡献聪明才智、实现人生价值.
He adds that “veterans are generally politically firm, have a broad vision, and dare to take responsibility. Many comrades have played a prominent role in important fields such as grassroots governance and rural revitalisation.” Saying this, Pei calls for greater use of veterans in grassroots governance, particularly “encourage and support veterans to work at the grassroots level in old revolutionary areas, ethnic areas and border areas, and actively participate in economic development, national unity, and the cause of stabilising the border and consolidating Xinjiang.” 积极助力基层治理。退役军人普遍政治坚定、视野开阔、敢于担当，许多同志在基层治理、乡村振兴等重要领域发挥着突出作用。在实践中，要大力推广贵州安顺发展“兵支书”做法，推动优秀退役军人依法依规进入基层“两委”，鼓励支持退役军人到革命老区、民族地区、边疆地区基层一线工作，积极投身经济发展、民族团结、稳边固疆事业.
In the next section of the article, Pei talks about:
Ensuring that veterans affairs work is in alignment with the defense modernisation process and objectives. As part of this, he writes that “focusing on the modernisation requirements of military personnel, we will complete the task of decommissioning and resettlement with high quality.” 围绕军事人员现代化要求，高质量完成退役安置任务.
Implement the guidelines on strengthening the work of supporting the army in the new era, establish a national dual-support system for rapid response to emergencies, and conduct exercises in a timely manner to ensure that the armed forces are readily available, accessible, and well protected in case of emergencies. losely follow the needs of the troops in training and preparing for war, adhere to the combination of peacetime and wartime, accurately grasp the professional direction of veterans when they serve and where they will work after retirement, strive to build honour homes, special care hospitals, military supply stations, and so on to ensure service guarantees. 配合军队练兵备战。落实关于加强新时代拥军支前工作意见，建立全国双拥系统应急应战快速响应机制，适时开展演习演练，确保遇事随时能够拉得出、上得去、保得好。紧贴部队练兵备战需要，坚持平战结合、平战一体，精准掌握退役军人服役时的专业方向、退役后的工作去向，着力将光荣院、优抚医院、军供站等打造成服务保障的重要阵地，充分发挥退役军人事务系统资源军事效能.
Boost the morale of the armed forces by addressing issues that veterans and families are concerned about the most. In this, he discusses the need to help the family members of the armed forces personnel to find employment, providing preferential treatment of military children's education, and strengthening honour incentives, and publicity of the spirit of soldiers who have sacrificed and acted with selfless dedication, in order to boost the public image of the armed forces and encourage young people with aspirations to serve the country in the army and dedicate themselves to national defense. 鼓舞昂扬军心士气。聚焦广大官兵急难愁盼问题，积极助力随军家属就业，推进军人子女教育优待，切实推动解决军人后顾之忧，提升广大官兵的荣誉感、获得感、自豪感。着力加强荣誉激励，广泛宣传军人敢于牺牲、无私奉献的精神风貌，让军人成为全社会尊崇的职业，激励有志青年从军报国、献身国防，促进广大官兵建功军营、忠诚报国
In the next bit of the article, Pei talks about addressing veterans’s concerns within the context of ensuring “social harmony and stability” and he highlights the importance of using veterans effectively as part of the national emergency response management effort. He says that it is important to “guide ex-servicemen to participate in emergency rescue and disaster relief, emergency response and medical rescue, and strive to contribute to the development of the cause of the Party and the country.”
In the final section of the article, Pei writes about the need to consolidate and maintain unity and ensure that veterans continue to follow the Party. For this, among other things, he calls for continuing “learning and propaganda activities such as ‘veterans always follow the party’ and ‘the most beautiful veterans,’ guiding veterans to maintain the true qualities of revolutionary soldiers, and always maintaining a high degree of consistency with the Party Central Committee with Comrade Xi Jinping at the core in terms of ideology, politics and actions.” 持续深化“老兵永远跟党走”“最美退役军人”等学习宣传活动，引导广大退役军人保持革命军人本色，始终在思想上政治上行动上同以习近平同志为核心的党中央保持高度一致.
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