Applying a new vision of development and developing a modernized economy

To deliver on the "Two Centenary Goals", realize the Chinese Dream of national rejuvenation, and steadily improve our people's lives, we must continue to pursue development as the Party's top priority in governance; we must unleash and develop productive forces, continue reforms to develop the socialist market economy, and promote sustained and sound economic growth.

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. We must put quality first and give priority to performance. We should pursue supply-side structural reform as our main task, and work hard for better quality, higher efficiency, and more robust drivers of economic growth through reform. We need to raise total factor productivity and accelerate the building of an industrial system that promotes coordinated development of the real economy with technological innovation, modern finance, and human resources. We should endeavor to develop an economy with more effective market mechanisms, dynamic micro-entities, and sound macro-regulation.

In developing a modernized economy, we must focus on the real economy, give priority to improving the quality of the supply system, and enhance our economy's strength in terms of quality.