Developing a modernized economy

BEIJING - For those who wonder how the world's second biggest economy will fare on its transition to high-quality development, the new term of "developing a modernized economy" deserves more attention.

While presiding over the third group study of the Political Bureau of 19th Communist Party of China (CPC) Central Committee on Jan 30, Xi Jinping, general secretary of the CPC Central Committee, called it "a key subject in theory and practice, a strategic goal for the country's development, and an imperative for the shift of the development mode, economic structure, and growth momentum."

The modernized economy will stand out in aspects ranging from innovation-driven industries featuring coordinated development, an open and fair market, efficient and fair income distribution, coordinated urban-rural and regional development, being energy-conserving and environment-friendly, to an open economy of higher standards.

In his report to the 19th CPC National Congress in October 2017, Xi prescribed major tasks in building a modernized economy.

These include furthering supply-side structural reform, making China a country of innovators, pursuing a rural vitalization strategy, implementing the coordinated regional development strategy, accelerating efforts to improve the socialist market economy, and making new ground in pursuing opening up on all fronts.