Editor's Note:  Yu Miaojie is the president of Liaoning University and a distinguished professor at Peking University. This article reflects the author's opinions and not necessarily the views of CGTN.

Since the founding of the People's Republic of China 73 years ago, China has made remarkable achievements in economic development and become the second-largest economy in the world. In terms of theoretical innovation in philosophy and social sciences, China's economic research has also made great progress. After 73 years of exploration, China has gradually formed a Chinese economy that aims to maximize the interests of the people and seek happiness for them. As the primary action guide for economic work in the new era, the Xi Jinping economic ideology system emphasizes that economic development must adhere to the fundamental position of taking the people as the center. In fact, Chinese economics with the Xi Jinping economic ideology system as core content, is essentially the economics of seeking happiness for the people.

This is because one of the core contents of the Xi Jinping economic ideology system is that after the Chinese economy enters a new stage of development, it is necessary to comprehensively and systematically implement the new development concept. That's to lead the construction of a new development pattern and promote high-quality growth in China's economy. As a new development concept, it includes five aspects. Innovation is the primary driving force, coordination is an internal feature, green is a common pattern, opening-up is an inevitable path, and sharing is the ultimate goal. It can be seen that the goal of the five new development concepts is to solve the contradiction between the people's ever-expanding need for a better life and the unbalanced and inadequate growth of China's economy and society.

Innovation is the primary driving force for addressing inadequate development. Only by promoting innovation and technological progress while at the same time supporting positive changes in the rules, regulations and standards in the economic and social construction, can we effectively back the added value of products, upgrade product quality and enterprise productivity while leading China's economy into a new stage of development.

As a universal form, green is to emphasize that "clear waters and green mountains are as valuable as mountains of gold and silver." The starting point of environmental protection is to guarding the health of the people, promote the sustainable development of society, achieve coordination between man and nature, and realize the full development of mankind between generations.

Coordination is an endogenous feature, and the goal is to directly solve the imbalance problem in China's economic development. Coordination includes three aspects: regional coordination, urban and rural coordination and industry coordination. By realizing the coordinated development of new industrialization and urbanization, we will promote  simultaneous growth in the Yangtze River's Delta and middle reaches, the Guangdong-Hong Kong-Macao Bay Area, the Beijing-Tianjin-Hebei region and the Chengdu Chongqing urban agglomeration. We will also narrow the urban-rural income and industry income gap.

Opening-up is the only way to realize the balanced and full development of China's economy and society. An important part of the economics for people's happiness is to build a new development pattern in China. The realization of a "double cycle" with domestic circulation as the main body and domestic and international mutual promotion is an important starting point for the construction of China's new development pattern. It needs to be emphasized that the "double cycle" is not closed. It is also not an isolated inner cycle of a small cycle, but rather a better integration into globalization to promote reform through opening-up and development through reform.

Sharing is the ultimate goal of meeting the people's ever-growing need for a better life. The dividends of reform and development of the Chinese economy should be shared by all, and the pursuit of a harmonious society is the ultimate goal of our struggle. The sharing of China's development dividend needs to go through three stages: first, we need to win the battle against poverty across the board; second, we need to achieve the overall revitalization of the countryside, and finally, we need to achieve common prosperity for all people by expanding middle-income sections, upgrading low-income segments and rationally adjusting high-income groups.