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Accelerating Economic Modernization

By Qiu Ping Source: Updated: 2023-03-27

We shall continue reforms to develop the socialist market economy.

Since the policy of reform and opening up was introduced in 1978, a key factor that has enabled China to achieve the rare combination of rapid economic development and long-term social stability is the establishment of a socialist market economy based on a series of theoretical, practical, and institutional innovations. It is also down to a combination of the strengths of the socialist system and the general rules of the market economy.

To build a high-standard socialist market economy, we must continue reforms and work harder to energize market entities and unleash and develop productive forces.

A better mix between an efficient market and an effective government will demonstrate the strengths of the socialist system and advance the rejuvenation of the Chinese nation via a Chinese path to modernization.

We shall focus on achieving high-quality development.

In the new stage of development, the primary challenge in Chinese society has become that between imbalanced and inadequate development and the people’s growing needs for a better life, China’s economy has entered a period defined by three overlapping factors, and profound changes are occurring in the international arena, causing a spike in security risks and uncertainties.

Given the need to adapt to China’s new stage of development, momentous decisions have been made to create a new development dynamic that focuses on the domestic economy and features positive interplay between domestic and international economic flows as well as to firmly pursue high-quality development.

To build a high-standard socialist market economy, we must focus on achieving high-quality development, faithfully implement the new development philosophy, and apply reform-oriented ways of thinking and methods.

We must also accelerate reforms that improve resource allocation efficiency, boost the quality and efficacy of development, and unleash the enthusiasm of all parties, and quickly form an institutional framework and policy system for the new development dynamic.

We shall concentrate our efforts on building a modernized economy.

To quickly build a modernized economy is the objective of China's development in the new era as well as a pressing requirement for us to transform our economic development model, optimize our economic structure, and change our drivers of economic growth. The keys to achieving this are innovation and reform.

To build a high-standard socialist market economy, we must improve the property rights system and optimize the market-based allocation of production factors.

We must also accelerate the construction of a unified market system that is open, competitive, and orderly; an innovation-led industrial system with coordinated development; an efficient income distribution system that promotes fairness; a coordinated system of urban and rural regional development with complementary advantages; a harmonious and efficient governance system with a sound legal system; and a secure system of opening up that balances internal and external flows.