China Focus: Xi stresses developing modernized economy

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, has called for the development of a modernized economy to push the country’s economic development to a new level.

Xi made the remarks while presiding over the third group study of the Political Bureau of the 19th CPC Central Committee Tuesday.

“The whole Party must have a deep understanding of the importance and difficulty of developing a modernized economy and a good grasp of the goals and priorities of this task,” Xi said.

He demanded Party members work to bring out new vitality of and elevate the country’s economic development to a new level.

The general secretary called developing a modernized economy “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.”

Only with a modernized economy can China better adapt to the trend of modernization, take initiative in international competition, and provide support for the modernization of other fields, Xi said.

The work to develop a modernized economy should be accelerated to ensure that China’s goal of building a great modern socialist country is realized on schedule, he said.

Developing a modernized economy has become a catchphrase for China after Xi spoke of the goal at the 19th CPC National Congress in October last year.

The drive is part of a grand blueprint to build China into a great socialist country that is prosperous, strong, democratic, culturally advanced, harmonious and beautiful by the middle of the century.

Xi said the modernized economy should integrate all social and economic activities that are interrelated.

He outlined major systems that needed to be developed in an integrated manner.

An industrial system should be built with innovation playing a leading role and featuring coordinated development between the real economy, technological innovation, modern finance and human resources, Xi said.

A market system that is unified, open, competitive and well-ordered is needed, he said.

An efficient and fair income distribution system and a green development system that conserves resources and is environmentally friendly are also essential for a modernized economy, according to Xi.

Meanwhile, he demanded a system of coordinated urban-rural and regional development to help local regions develop their own strengths.

To develop an open economy of higher standards, Xi called for a diverse, balanced, secure and efficient system for opening up on all fronts.

He went on to stress giving full play to market forces and enhancing the role of the government so that the economy has more effective market mechanisms, dynamic micro-entities, and sound macro-regulation.

“The modernized economy we develop should draw on the useful practices of developed countries, but it should be more in line with China’s own national conditions and feature Chinese characteristics,” the general secretary said.

Xi singled out several fields that need to be worked on, including the development of the real economy, which he said provided a “solid foundation” for the modernized economy.

China should deepen its structural supply-side reform, develop advanced manufacturing industries, and make the real economy fully integrate with the internet, big data and artificial intelligence technology, according to Xi.

The real economy should be provided with more resources and favorable policies, he said.

Xi also demanded measures to accelerate innovation-driven development, which he described as a “strategic support” for the modernized economy.

He called for efforts to better implement regional development strategies and deepen institutional reform.

On developing an open economy, Xi said global resources and markets should be better utilized, noting that international cooperation under the Belt and Road Initiative should be promoted.
Source: Xinhua

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