Grasping the Underlying Laws of Economic Work in the New Era

At the Central Economic Work Conference in 2023, President Xi Jinping put forward "five essentials" for economic work. These essentials reflect our efforts to break new ground and uphold fundamental principles in our understanding of the underlying laws of development. They have further enriched and developed Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and especially Xi Jinping's economic thought.

It is essential to uphold high-quality development as the paramount principle in the new era, fully and faithfully implement the new development philosophy on all fronts, and effectively improve the quality of our economy and promote its growth within a reasonable range. Only by continuously enhancing economic development and boosting economic strength can we continue to meet the people's ever-growing needs for a better life, fully demonstrate the strengths of the socialist system with Chinese characteristics, and firmly grasp the strategic initiative amid accelerating once-in-a-century changes across the world.

It is essential to further supply-side structural reform and focus on coordinated efforts to expand effective demand, leveraging the advantages of our vast market and robust production capacity, ensuring the domestic economy is underpinned by domestic demand as the main growth driver, and improving the quality and level of international economic flows. The greater the complexity and uncertainty we face, the more we must rely on a systems approach to better coordinate supply and demand. We must keep working to foster and develop new quality productive forces, continuously expand and tap into new consumption potential, and ensure smooth economic flows in the process of upgrading both supply and demand.

It is essential to bolster the endogenous drivers of development through reform and opening up, ensure the advancement of both in-depth reform and high-standard opening up, continuously liberate and develop social productive forces, and stimulate social vitality. Higher-standard opening up, especially in institutional terms, is crucial not only for China to create new advantages in international economic cooperation and competition, but also to actively fulfill its responsibilities as a major country by contributing to global economic governance.

It is essential to maintain a healthy interaction between high-quality development and high-level security, achieving a dynamic balance where the former promotes the latter and the latter serves to guarantee the former. In the face of various risks and challenges, we must continue to strengthen material and technological foundations through high-quality development, enhance our ability to maintain national security and create a favorable environment for achieving high-quality development based on a high level of security, thereby enhancing both the security and stability of our development.

It is essential that we regard Chinese modernization as the foremost political priority, ensuring that under the CPC's unified leadership, we unite the people and, with a focus on the central task of economic development and the primary mission of high-quality development, gradually turn the magnificent blueprint of Chinese modernization into a reality. Chinese modernization is endowed with distinctly Chinese features and conforms with the realities of our country. Developing China into a strong country and realizing national rejuvenation through Chinese modernization is the most concentrated, specific expression of what it means to pursue happiness for the Chinese people. This is the core mission for the entire Party and all Chinese people and our foremost political priority.

Editor: Jiang Wenyan