Accelerating the construction of a new pattern of development is a strategic decision made by the Party Central Committee with Comrade Xi Jinping at its core in light of changes in China's development stage, environment, and conditions. It is a systemic and profound change that bears on the whole situation. In his important speech at the celebration of the 100th anniversary of the founding of the Communist Party of China (CPC), General Secretary Xi Jinping stressed that "We should focus on the new stage of development, fully, accurately and comprehensively implement the new development concept, build a new development pattern, and promote high-quality development." The key to building a new development pattern lies in the unobstructing of the economic cycle, which requires us to adhere to the main line of deepening supply-side structural reform, continue to complete the important tasks of "three reduction, one reduction, one strengthening", comprehensively optimize and upgrade the industrial structure, enhance innovation capacity, competitiveness and overall strength.

We will consolidate the achievements made in cutting costs, reducing costs, and improving health. In the new era, China's economy has shifted from a stage of rapid growth to a stage of high-quality development. There are many advantages and conditions for continued development. At the same time, China's unbalanced and inadequate development remains a serious problem. China's economic development is in a critical period of transforming the growth model, improving the economic structure and transforming the drivers of growth. We are faced with difficulties and challenges that are compounded by structural, institutional and cyclical problems. This requires that we continue to accelerate the clearance of more industries with overcapacity, close down and close down enterprises that fall short of environmental protection, energy consumption, safety and quality standards, reduce ineffective and low-end supply, and expand effective and medium - to high-end supply. We will implement and improve policies for reducing taxes and fees, review and standardize all types of charges related to businesses, reduce the cost of doing business and effectively ease the burden on businesses. We will work harder to boost consumption and improve people's lives while making structural adjustments to ensure sustained growth, and strengthen areas of weakness in areas such as new infrastructure.

We will improve our capacity for independent innovation. At present, China's economic development environment has changed, the old production function combination mode is difficult to continue, and the importance of science and technology is on the rise. At the same time, Chinese industries on the whole are still in the middle and low end of the international industrial chain and value chain. There is a clear shortage of high-end supply, and China's innovation capacity is not yet ready to meet the requirements of high-quality development. Only by keeping key and core technologies firmly in our own hands can we build a secure and stable industrial and supply chain and lay a solid foundation for a new development pattern. Only then can we seize the initiative in development and safeguard national security and development interests. Our country has more than 170 million talents with higher education or with all kinds of professional skills, have the advantages of concentrate resources to accomplish large undertakings of the socialist system, completely conditional system of the technical superiority, talent advantage, combine the advantage, promote the independent innovation ability overall jumped, promote science and technology and economic depth fusion, promote high-end supply ability, And then in the global industrial chain, the value chain division of the active position, leading China's industrial development to the high-end.

We will further open up to the outside world. Making good use of both international and domestic markets and resources will create favorable conditions for further deepening supply-side structural reform. On the one hand, increasing production capacity cooperation with countries and regions participating in the Belt and Road Initiative will help promote the global allocation of resources and factors of production, and create more space for China's industrial upgrading. , on the other hand, give full play to the free trade area, such as special economic zones, opening up to the forefront of the role of the highlands, make full use of our complete industrial chain, market size and other advantages, to form a powerful appeal to elements of global resources, promote the supply side to deepen structural reform, create favorable conditions for our country industrial upgrading.

While deepening supply-side structural reform, we should also focus on demandside management and firmly implement the strategy of expanding domestic demand. Domestic demand is the basic driving force of China's economic development, and expanding domestic demand is the strategic basis for building a new pattern of development. China is home to the world's largest middle-income group, consumption upgrading is in the ascendation.Urbanization is further accelerating, and China is growing into the world's largest consumer market. Improve the system of expanding domestic demand effectively, accelerate to foster a complete system of domestic demand, at the same time in development, customization, information consumption fashion consumption, the emerging consumer aspects, such as smart consumption is helpful to make the production, distribution, circulation, consumption more relying on the domestic market, the formation of demand traction supply, supply creates demand a higher level of dynamic balance.

Source: State-owned Assets Supervision and Administration Commission of the State Council