diff --git a/Gemfile.lock b/Gemfile.lock
index 6fad064b600ce9..d406e4043c6473 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -85,16 +85,16 @@ GEM
       colored2 (~> 3.1)
       nanaimo (~> 0.3.0)
       rexml (~> 3.2.4)
-    zeitwerk (2.6.0)
+    zeitwerk (2.6.4)
 
 PLATFORMS
   ruby
 
 DEPENDENCIES
-  cocoapods (~> 1.11, >= 1.11.2)
+  cocoapods (~> 1.11, >= 1.11.3)
 
 RUBY VERSION
-   ruby 2.7.5p203
+   ruby 2.7.6p219
 
 BUNDLED WITH
    2.3.22
diff --git a/Libraries/Core/ReactNativeVersion.js b/Libraries/Core/ReactNativeVersion.js
index 1d82274f85cb23..0dd471ab22b1b6 100644
--- a/Libraries/Core/ReactNativeVersion.js
+++ b/Libraries/Core/ReactNativeVersion.js
@@ -10,8 +10,8 @@
  */
 
 exports.version = {
-  major: 1000,
-  minor: 0,
+  major: 0,
+  minor: 71,
   patch: 0,
-  prerelease: null,
+  prerelease: 'rc.0',
 };
diff --git a/React/Base/RCTVersion.m b/React/Base/RCTVersion.m
index 1794ca2e5213d9..dd2546c87b1918 100644
--- a/React/Base/RCTVersion.m
+++ b/React/Base/RCTVersion.m
@@ -21,10 +21,10 @@
   static dispatch_once_t onceToken;
   dispatch_once(&onceToken, ^(void){
     __rnVersion = @{
-                  RCTVersionMajor: @(1000),
-                  RCTVersionMinor: @(0),
+                  RCTVersionMajor: @(0),
+                  RCTVersionMinor: @(71),
                   RCTVersionPatch: @(0),
-                  RCTVersionPrerelease: [NSNull null],
+                  RCTVersionPrerelease: @"rc.0",
                   };
   });
   return __rnVersion;
diff --git a/ReactAndroid/gradle.properties b/ReactAndroid/gradle.properties
index 557a5f07e5363e..8a2a55dc7ba18e 100644
--- a/ReactAndroid/gradle.properties
+++ b/ReactAndroid/gradle.properties
@@ -1,4 +1,4 @@
-VERSION_NAME=1000.0.0
+VERSION_NAME=0.71.0-rc.0
 GROUP=com.facebook.react
 
 # JVM Versions
diff --git a/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java b/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java
index ea97bff8de8051..b3fbdea82ba268 100644
--- a/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java
+++ b/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java
@@ -15,8 +15,8 @@
 
 public class ReactNativeVersion {
   public static final Map<String, Object> VERSION = MapBuilder.<String, Object>of(
-      "major", 1000,
-      "minor", 0,
+      "major", 0,
+      "minor", 71,
       "patch", 0,
-      "prerelease", null);
+      "prerelease", "rc.0");
 }
diff --git a/ReactCommon/cxxreact/ReactNativeVersion.h b/ReactCommon/cxxreact/ReactNativeVersion.h
index 5d89f4efaae213..51efce8941ccd7 100644
--- a/ReactCommon/cxxreact/ReactNativeVersion.h
+++ b/ReactCommon/cxxreact/ReactNativeVersion.h
@@ -15,10 +15,10 @@
 namespace facebook::react {
 
 constexpr struct {
-  int32_t Major = 1000;
-  int32_t Minor = 0;
+  int32_t Major = 0;
+  int32_t Minor = 71;
   int32_t Patch = 0;
-  std::string_view Prerelease = "";
+  std::string_view Prerelease = "rc.0";
 } ReactNativeVersion;
 
 } // namespace facebook::react
diff --git a/package.json b/package.json
index 4261b905d07838..c02612f2d26bf4 100644
--- a/package.json
+++ b/package.json
@@ -1,7 +1,6 @@
 {
   "name": "react-native",
-  "private": true,
-  "version": "1000.0.0",
+  "version": "0.71.0-rc.0",
   "bin": "./cli.js",
   "description": "A framework for building native apps using React",
   "license": "MIT",
@@ -100,10 +99,6 @@
     "test-ios": "./scripts/objc-test.sh test",
     "test-typescript": "dtslint types"
   },
-  "workspaces": [
-    "packages/*",
-    "repo-config"
-  ],
   "peerDependencies": {
     "react": "18.2.0"
   },
@@ -140,13 +135,54 @@
     "stacktrace-parser": "^0.1.3",
     "use-sync-external-store": "^1.0.0",
     "whatwg-fetch": "^3.0.0",
-    "ws": "^6.2.2"
+    "ws": "^6.2.2",
+    "react-native-codegen": "^0.71.1"
   },
   "devDependencies": {
     "flow-bin": "^0.191.0",
     "hermes-eslint": "0.8.0",
     "react": "18.2.0",
-    "react-test-renderer": "^18.2.0"
+    "react-test-renderer": "18.2.0",
+    "@babel/core": "^7.14.0",
+    "@babel/eslint-parser": "^7.18.2",
+    "@babel/generator": "^7.14.0",
+    "@babel/plugin-transform-regenerator": "^7.0.0",
+    "@definitelytyped/dtslint": "^0.0.127",
+    "@react-native-community/eslint-plugin": "*",
+    "@react-native/eslint-plugin-specs": "^0.71.0",
+    "@reactions/component": "^2.0.2",
+    "@types/react": "^18.0.18",
+    "@typescript-eslint/parser": "^5.30.5",
+    "async": "^3.2.2",
+    "clang-format": "^1.8.0",
+    "connect": "^3.6.5",
+    "coveralls": "^3.1.1",
+    "eslint": "^8.19.0",
+    "eslint-config-prettier": "^8.5.0",
+    "eslint-plugin-babel": "^5.3.1",
+    "eslint-plugin-eslint-comments": "^3.2.0",
+    "eslint-plugin-ft-flow": "^2.0.1",
+    "eslint-plugin-jest": "^26.5.3",
+    "eslint-plugin-jsx-a11y": "^6.6.0",
+    "eslint-plugin-lint": "^1.0.0",
+    "eslint-plugin-prettier": "^4.2.1",
+    "eslint-plugin-react": "^7.30.1",
+    "eslint-plugin-react-hooks": "^4.6.0",
+    "eslint-plugin-react-native": "^4.0.0",
+    "eslint-plugin-relay": "^1.8.3",
+    "inquirer": "^7.1.0",
+    "jest": "^29.2.1",
+    "jest-junit": "^10.0.0",
+    "jscodeshift": "^0.13.1",
+    "metro-babel-register": "0.73.3",
+    "metro-memory-fs": "0.73.3",
+    "mkdirp": "^0.5.1",
+    "prettier": "^2.4.1",
+    "shelljs": "^0.8.5",
+    "signedsource": "^1.0.0",
+    "typescript": "4.1.3",
+    "ws": "^6.2.2",
+    "yargs": "^17.5.1"
   },
   "codegenConfig": {
     "libraries": [
@@ -166,4 +202,4 @@
       }
     ]
   }
-}
+}
\ No newline at end of file
diff --git a/template/package.json b/template/package.json
index b70769d0759293..f464239a1df8f9 100644
--- a/template/package.json
+++ b/template/package.json
@@ -11,7 +11,7 @@
   },
   "dependencies": {
     "react": "18.2.0",
-    "react-native": "1000.0.0"
+    "react-native": "0.71.0-rc.0"
   },
   "devDependencies": {
     "@babel/core": "^7.12.9",