A strategic goal established by the Party is to, by the middle of this century, develop China into a great and modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious, and beautiful. The foundation for a great leap in strength lies in the national economy, and the key to a strong Chinese economy lies in the economic system. Therefore, it is imperative to accelerate the building of a modern economic system for transforming the growth model, improving the economic structure, and fostering new growth drivers. A modern economic framework is a decisive factor for China’s economic growth. At this new development stage, it’s important to stick to integrated building and advancement and find the right path of building the modern economic system, to lay a solid foundation for building a great modern socialist country in all respects.

Complete, accurate, and comprehensive implementation of the new development philosophy is key to building a modern economic system. It’s important to implement the concept of innovative development and focus on implementing the innovation-driven development strategy so that innovation becomes the main driver for building a modern economic system, and promotes industrial structure optimization through sci-tech innovation so as to promote better quality, higher efficiency, and more robust drivers of economic growth through reform and raise total factor productivity. It’s important to implement the concept of coordinated development and continue to implement the major regional development strategies as well as the strategies for coordinated regional development, functional zoning, and new urbanization, so as to further build a regional economic layout and an industrial division of labor and collaboration system that help achieve high-quality development. It’s important to implement the concept of green development, thoroughly implement the sustainable development strategy, improve the overall coordination mechanism in the field of ecological conservation, and build the ecological civilization system, so as to effect a green transformation in all aspects of social and economic development and achieve modernization featuring harmony between humanity and nature. It’s important to implement the concept of open development and establish an open economy that is diverse, balanced, secure, and efficient, so as to better improve the international competitiveness of the modern economic system. It’s important to implement the concept of shared development, adhere to the people-centered development philosophy, and solidly promote prosperity for all, so as to give full scope to the initiative and creativity of the people and continuously inject new impetus and vitality into the modern economic system.