Xi stresses developing modernized economy

BEIJING - Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, has urged developing 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 elevate the country to "a new level of economic development with new vitality."

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.

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

He outlined major "systems" that need 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.