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A strong country must have a strong economy. Only with a modernized economy can China better adapt to current international trends, seize the initiative in international competition, and provide support for modernization in other fields. We should develop a modernized economy quickly because this is an important part of building China into a great modern socialist country.

A modernized economy demands concrete and effective policies, measures and actions. We need to pay special attention to these fields.

First, develop the real economy to lay a solid foundation for the modernized economy. The real economy is the very foundation of an economy, the fundamental source of wealth creation, and an important pillar of national prosperity. China should extend its supply-side structural reform, develop advanced manufacturing industry, and integrate the real economy fully with the internet, big data and artificial intelligence technology. We should double our efforts to enhance the real economy, gathering resource elements and adopting preferential policies and measures for it. Our purpose is to create a development environment and social atmosphere that encourages practicality, diligence, entrepreneurship, and prosperity through developing the real economy.

Second, lose no time in implementing the innovation-driven strategy to strengthen the support for the modernized economy. China will build a stronger national innovation system, strengthen science and technologies of strategic importance, integrate innovation more deeply with economic and social development, and promote more leading-edge developments that are driven by innovation and first-mover advantages.

Third, actively promote coordinated development of urban and rural areas to optimize the spatial configuration of the modernized economy. It is necessary to better implement coordinated development strategies for the Beijing-Tianjin-Hebei Region, the Yangtze River Economic Belt, and the Guangdong-Hong Kong-Macao Greater Bay Area. Rural revitalization is a great plan, and we must work hard to execute It.

Fourth, develop an open economy to improve the international competitiveness of the modernized economy. China should better utilize global resources and markets and promote international cooperation within the framework of the Belt and Road Initiative.

Fifth, further reform our economic system to provide institutional guarantees for the modernized economy. China should improve the system of socialist market economy, resolutely break down institutional obstacles in all areas, and stimulate the vitality of the whole society in innovation and entrepreneurship.

(Source: Extract from Xi Jinping's speech at the third Group Study Session of the Political Bureau of the 19th CPC Central Committee, January 30, 2018.)

This episode is presented by Ning Yan.