Reform, opening-up key to development

This year marks the 45th anniversary of China's reform and opening-up. The nation has, during this period, greatly stimulated market and social vitality, and achieved a historic leap forward in economic modernization, through the establishment and continuous improvement of the socialist market economy.

Today, in the face of profound and complex changes in the internal and external environment, China stands at a historic juncture in comprehensively deepening reform and promoting opening-up.

China must accomplish major tasks, such as achieving high-quality economic development, advancing the building of a modern economic system, and promoting a rebalancing of the global economy.

All these tasks constitute a historic mission that the country should, and must, shoulder as it comprehensively promotes further reform and opening-up.

China's reform remains the key to solving development challenges. Important breakthroughs should be made in deepening reform to improve development expectations.

At present, China is still in a critical period of structural transformation and upgrading of its economy. Faced with many challenges, such as increasing uncertainties in the external environment and fluctuations in domestic economic growth, it must unswervingly stick to the principle that development is the top priority, and stimulate market vitality to unleash medium- and long-term economic growth potential with important breakthroughs in deepening reform.

China should be assured in relying on reform to boost the confidence of market players and revitalize its growth momentum.

It is estimated that, by 2035, China's proportion of producer services in its GDP will rise from about 30 percent to 50-60 percent; its proportion of services consumption expenditure in total consumption expenditure is estimated to rise from 43.16 percent to about 60 percent; and its urbanization rate in terms of residents with urban household registration is also estimated to rise from 47.7 percent to about 65 percent. These are the fundamentals of China's economic landscape, and sources of its confidence to achieve about 5 percent annual economic growth rate in the next 10-15 years.