The Foundation of China’s High-Quality Economic Development

In terms of the time spectrum, 2017 served as a crucial transitional year leading up to the milestone of China’s 40th anniversary of reform and opening-up. It is considered a pivotal year for two main reasons. First, the globally watched 19th National Congress of the Communist Party of China explicitly put forward the “Two-Step” strategy for fully building a modern socialist country, advancing the goal of basically achieving modernization by 15 years. This strategy not only provided a clear framework for the aspirations of the entire Party and the people of all ethnic groups in China but also outlined specific micro-level objectives, offering a long-term development roadmap for the country. Second, 2018 marked the 40th anniversary of China’s era-defining reform and opening-up. Over these four decades, China transitioned from the initial “crossing the river by feeling the stones” approach to establishing and continuously refining the socialist market economy system since the 1990s. Since the 18th National Congress, China has actively contributed to global public goods, shared the benefits of its economic growth, and participated in global economic governance. These efforts have shaped a unique Chinese development paradigm and strategic approach amid shifts in the global economic landscape, reflecting the nation’s wisdom in adhering to economic development principles and policy logic. China’s proposal of a new development philosophy—centered on “innovation, coordination, green development, openness, and shared growth”—aims to balance key economic relationships, including government and market, supply and demand, fairness and efficiency, economic growth and environmental protection, and domestic development with global integration. This philosophy provides a Chinese policy framework for international competition and cooperation in a rapidly evolving global landscape.