The report to the Party's 20th National Congress points out that high-quality development is the primary task of building a modern socialist country in an all-round way.  Development is the key to solving all problems. High-quality development is characterized by innovation as the primary driving force, coordination as the internal feature, green as the universal form, openness as the only way, and sharing as the fundamental purpose. It can fully meet the requirements of Chinese modernization, such as common prosperity for all people, harmonious coexistence between man and nature, and coordination between material and spiritual civilization. It is the key to follow the path of Chinese modernization.

High-quality development lays the foundation for Chinese-style modernization. The core of high-quality development lies in high-quality economic development. We should shift the driving force of economic growth from factors to innovation, build a modern industrial system, and foster new growth areas. In the past decade, China has implemented a new development concept and established a new development pattern. China's economic aggregate has grown from 11.4 percent of the global economy in 2012 to over 18 percent. In 2022, China's economic aggregate exceeded 120 trillion yuan, reaching a new level. Our country economy keeps the contribution to world economy growth overall at around 30%, become the main source and stabilizer of world economy growth. Not only that, as the new industry and new formats and models develop vigorously, the industrial structure of our country is optimizing day by day. According to the National Bureau of Statistics, the output of new-energy vehicles, mobile communication base station equipment and industrial control computers and systems increased by 97.5 percent, 16.3 percent and 15.0 percent respectively in 2022, injecting new impetus into economic growth.

High-quality development brings together the power of Chinese modernization. The Chinese style of modernization has always placed people at the core, put the people first, and put development by the people and for the people. Chinese modernization is the modernization of common prosperity for all the people, and the people's desire for a better life is the starting point and goal of Chinese modernization. Compared with the traditional development path, high-quality development focuses more on balance, coordination and sharing, which is in line with the essential requirements of Chinese-style modernization. On the one hand, we will continue to promote economic growth on the basis of high-quality development to provide favorable conditions for "making the pie bigger". On the other hand, the high quality development as the starting point, promote the optimization and improvement of the system, to provide a strong guarantee for "dividing the cake". In the past decade, per capita disposable income has increased by 78% in real terms, and the relative income gap between urban and rural residents has been narrowing. According to the Blue Book of Common Prosperity: Research Report on China's Common Prosperity (2022), from 2013 to 2020, China's common prosperity index increased by 79.3% from 24.67 to 44.23. In particular, seven secondary indexes, including economic development, social structure, residents' income and property, maintained a continuous upward trend.

High-quality development to expand the path of Chinese modernization. Chinese modernization is a modernization in which material and spiritual civilization are in harmony, and in which man and nature coexist in harmony. High-quality development focuses not only on economic growth, but also on environmental protection, people's livelihood and social construction. High-quality development provides an alternative path for the realization of the goals of Chinese-style modernization. On the one hand, high-quality development takes innovation as the primary driving force to promote economic development into an innovation-driven development mode as soon as possible, with higher scientific and technological content, greater added value and less environmental pollution, so as to promote economic development in environmental protection and achieve a win-win situation between the two. On the other hand, high-quality development can fully mobilize the power of enterprises as the main body of economic and social development, provide high-quality jobs and raise people's income. Moreover, as market players, enterprises also provide social services and cultural and entertainment products to enrich the spiritual world of residents. Over the past decade, China has built the largest education system, social security system, medical and health system in the world, and all-round improvement of people's life.

Of course, our country still exists in the high quality development of scientific and technological innovation ability is not strong, the modern industrial structure is not optimal, unbalanced and inadequate regional development problems, the key to crack these problems is still high quality development, which requires quantity and pays more attention to quality. Only by promoting high-quality development can we succeed on the path of Chinese modernization. In this process, it is all the more important to take a coordinated approach, uphold the central role of innovation in the overall modernization drive, move China's economy into an innovation-driven development model, and shape new poles of growth that will lead the future. We will comprehensively deepen reform and focus on improving the business environment. In particular, we will use digital reform as a starting point to catalyze systemic change and stimulate endogenous drivers of economic growth. We will build a modern agricultural and rural system, accelerate a people-centered new type of urbanization, and promote coordinated development between urban and rural areas and among different regions. We will continue to open up to the outside world at a high level, accelerate the building of a large unified domestic market, combine expanding domestic demand with deepening supply-side structural reform, and create a new driving force for economic growth and high-quality development.

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