Shifting Toward High-Quality Development

2018 marks the beginning of implementing the agenda mapped out by the 19th National Congress of the Communist Party of China （CPC） and the 40th anniversary of Chinas reform and opening up， as well as an important year for carrying out the 13th FiveYear Plan （2016-20）， all of which endowed 2017s Central Economic Work Conference with profound signifi cance.

The conference， held at the end of the year， put forward Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era for the first time. The thought， with President Xis new development philosophy， which calls for innovative， coordinated， green and open development that is for everyone， as its major content， is the theoretical crystallization of practice in steering and managing Chinas economic development over the past five years.

It comprises a series of crucial principles. For instance， the CPCs centralized and unified leadership over economic work must be strengthened. The country must adapt to， manage and steer the new normal with a people-centered approach while enabling the market to play a decisive role in resource allocation and improving macroeconomic regulation.

Officials at the meeting made judgments on the basic characteristics of Chinas current economic development. They also adopted guiding principles and made arrangements for the economic work in 2018. The conference defined that Chinas economic development is moving into a new era featuring a shift from high-speed growth to high-quality growth. According to a report by the United Nations in December 2017， China contributed around one third to world economic growth in 2017. However， highspeed growth over the years has come with problems concerning resources， the environment and ecology.

At present and in the years to come， high-quality development is the fundamental requirement when setting development plans， drafting economic policies and implementing macroeconomic controls. The three “major battles” for the next three years， as the conference pointed out， are preventing major fi nancial risks， delivering targeted poverty relief and fi ghting pollution.

To narrow it down， the conference set the tone for Chinas economic development in 2018 and required all levels of government to uphold the guiding principles of Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era and insist on seeking progress in stability. They are expected to focus on eight areas to promote high-quality growth： deepening supply-side reform， boosting market vitality， revitalizing rural areas， coordinating regional development， further promoting opening up， improving peoples well-being， developing a housing system that encourages both purchase and rental， and promoting ecological conservation.endprint