Significance and Requirements of the New Development Philosophy

The new development philosophy is a strategic guide for China as we enter the new development stage and create a new development dynamic. It is a judicious, programmatic, and guiding transformation that will affect our overall development trajectory.

The new development philosophy is a scientific guide for building China into a modern socialist country. Xi Jinping has stated that having accomplished the First Centenary Goal of building a moderately prosperous society in all respects, we must build on this achievement to embark on a new journey toward the Second Centenary Goal of building a modern socialist country, thus signifying China's entry into a new development stage. In this stage, our economic and social development environment has changed in profound and complex ways. Now and in the future, China remains in an important stage of strategic opportunities for development, but the opportunities and challenges that we face are changing, and both are unprecedented in their extent. Nevertheless, our opportunities outweigh our challenges. We must fully and faithfully implement the new development philosophy in all fields in order to maintain a correct outlook on history, the bigger picture, and our development. It provides methodical guidance for building a modern socialist country as well as promoting the cause of socialism with Chinese characteristics to make even more remarkable achievements.

The new development philosophy is a roadmap for creating a new development dynamic. Creating a development dynamic with the domestic economy as the mainstay and the domestic economy and international engagement providing mutual reinforcement is a crucial historic task to be promoted and completed in the new development stage and a vital element of implementing the new development philosophy. A hallmark of major economies is that they are dominated by their domestic demand, with a smooth internal flow of production, distribution, circulation, and consumption. Given the current instability and uncertainty in the international environment, relying on the advantages of our enormous domestic market, tapping the full potential of domestic demand, and ensuring smooth domestic and international economic flows will help to ameliorate external shocks and changes to the external environment as well as lead to new advantages in international cooperation and competition. To quickly create this new development dynamic, we should consult the new development philosophy, so that innovative, coordinated, green, open, and shared development are coordinated and become synergistic. Fully and faithfully implementing the new development philosophy is essential to provide a clear blueprint for building a new development dynamic, improve China's attractiveness to global production factors and resources and our influence in global industry, supply, and innovation chains, and strengthen our ability to survive, compete, and develop sustainably.

The new development philosophy is a magic formula for coping with domestic and international risks and challenges. With the change in the principal challenge in Chinese society and profound adjustments to the international balance of power, China faces unprecedented challenges to its development and security. The world is experiencing accelerated change unseen in a century, and global and historic transformations are increasingly apparent. Due to external factors, risks and challenges have increased significantly, and risks to the economy, society, and people's wellbeing are arising frequently. In response to both foreseeable and unforeseeable risks and challenges at home and abroad, we must encourage more thorough and expansive implementation of the new development philosophy, focus on solving imbalances and problems, and take the strategic initiative by heading off dangers and turning crises into opportunities. Fully and faithfully implementing the new development philosophy is essential to gain the initiative in our development and achieve a dynamic balance between development and security. Development will not only enable us to buttress our national security, but it will also promote innovative national security ideas, systems, and methods, thus creating a secure environment conducive to economic and social development and effectively preventing and resolving risks and challenges.

The new development philosophy is an essential requirement for high-quality development. High-quality development is the main theme of China's economic and social development for the 14th Five-Year Plan period and beyond, and it is related to China's overall socialist modernization drive. We are shifting to a stage of high-quality development characterized by significant institutional advantages, improved governance efficiency, solid material foundations, abundant human resources, a broad market, strong development resilience, long-term economic growth, and a stable society. We enjoy many favorable strategic conditions for our development, but it must be noted that we are still grappling with the prominent issues of imbalance and insufficiency in our development as well as the threefold pressures of contracting demand, supply difficulties, and weakening expectations in our economic development. As a result, we need to accelerate the quality, efficiency, and vigor of reform to promote high-quality development. We must also fully and faithfully implement the new development philosophy in order to solve structural, cyclical, and institutional issues, improve the quality and efficiency of our development, and ensure stable, healthy, and sustainable economic development, thus enabling China's economy to sail like a great ship through the waves and into the distance.