Transformation to quality growth

In his report to the 19th National Congress of the Communist Party of China, General Secretary Xi Jinping said the country has entered a "New Era", and it should continue advancing its economic transformation and upgrading in the new era.

The main goal of the economic transformation and upgrading in the new era is to build a modern economic system and shift from high-speed growth to high-quality growth. But to build a modern economic system, China needs fresh economic momentum, which in turn requires scientific and technological innovations, and structural transformation and upgrading.

To be sure, innovation-oriented industrial transformation is playing an important role in expediting the economic transformation and upgrading. For instance, the digital economy has taken a lead in the economic transformation by promoting growth through innovations in various sectors, including manufacturing, instead of depending on inputs of resources and other production factors.