Modernized Economy

At the 19th National Con- gress of the Communist Party of China， President Xi Jinping first made it clear that China should develop a modernized economy.

China’s economy has been transitioning from a phase of rapid growth to a stage of high-quality development. “This is a pivotal stage for transforming our growth model， improving our economic structure， and fostering new drivers of growth. It is imperative that we develop a modernized economy. This is both an urgent requirement for getting us smoothly through this critical transition and a strategic goal for China’s development，” said Xi in his report at the congress.

The development of a modernized economy is an objective demand of socialism with Chinese characteristics as the practice enters a new era. It is the only path to a higher-level Chinese economy.

A modernized economy fosters higher quality and more efficiency.

“Large but not strong” has long been the problem with the Chinese economy. A modernized economy would take the model for China’s economic growth from rapid and extensive to higher quality and greater efficiency. A vision of innovative， coordinated， green， open and inclusive development will become reality thanks to the guidelines， direction and focus of the country’s economic development.

A modernized economy means further reform and more openness.

The process of developing a modernized economy demands more two-way and high-level openness and constant learning from international advanced experience. A modernized Chinese economy could serve as the cornerstone of the world economy and further promote economic globalization.