Editor's note: The article is part of  CGTN's series called "A New Vision for China's Economic Future", in which global economists and eminent academics share their personal views and insights on China's economic development. Qiu Haiping is a professor with the School of Economics, Renmin University of China. The article reflects the author's opinions and not necessarily the views of CGTN.

A main aspect of Xi Jinping's economic thought, the new development philosophy is a major theoretical innovation of Marxist political economics and the political economics of socialism with Chinese characteristics. On the new journey of building a modern socialist country in all aspects, it is necessary to further understand the rich connotation and theoretical essence of the new development philosophy, as well as the major practical significance of applying the philosophy.

Characterized by innovative development, coordinated development, green development, open development, and shared development, the new development philosophy is rich in connotations. The philosophy of "innovative development" represents sci-tech innovation, theoretical innovation, and institutional innovation; The philosophy also offers an insight into the utmost importance of innovation and innovative capabilities in modern socio-economic development and international competition, the key role of sci-tech innovation in socio-economic development, the complexity of achieving innovation, the key role of talents in driving innovation, the dialectical relationship between sci-tech innovation and employment, and ways to address related issues, as well as the dialectical relationship between independent innovation, and sci-tech opening-up and cooperation. The philosophy of "coordinated development" reflects the unity of the two-point theory and the focal-point theory, as well as the development pattern from balanced to imbalanced, then to a rebalance. Applying this philosophy is the main path to and a vital solution for coordinated and holistic development, which is key to resolving the primary contradiction of the Chinese society. A scientific reflection of the dialectical relationship between humans and nature, the philosophy of "green development", enriches and expands the connotation of people's needs for a better life, profoundly reveals the dialectical relationship between "green" and "development", while providing important theoretical support for the building of a community of shared future for mankind. A profound reflection of the development pattern of human civilization, and that of the trend of economic globalization, the philosophy of "open development" is the theoretical summarization of China's successful development experience and guiding principle for deepening and expanding the country's opening-up. The philosophy of "shared development" is the theoretical manifestation of the purpose of socialist production, which profoundly reveals the dialectical relationship between co-building and sharing, and between sharing and development, occupying a central position in the new development philosophy.

As an organic unity that embodies the methodology and systematic view of dialectical materialism and historical materialism, the new development philosophy is the CPC's latest scientific understanding of the general pattern for socio-economic development in the contemporary world, representing a major original theoretical achievement in Marxism and the political economics of socialism with Chinese characteristics. As a concentrated embodiment of the idea, direction and focus of China's development in the new era, the new development philosophy also serves as a guidance for the country's reform, opening-up and development practices. It is a revolution in development theory, application of which involves a series of changes in the ways of thinking, behavior and work, as well as a series of adjustments in work relations, social relations and interests, representing "a fundamental change for the entire development context of our country". It is a must to continuously deepen the understanding of the new development philosophy and its overarching position in Xi Jinping's economic thought, and to continuously improve the awareness, initiative and creativity in applying Xi Jinping's economic thought.

Under the new circumstances, it is a must to further understand the significance and practical requirements for the comprehensive application of the new development philosophy:

Applying the new development philosophy is an inherent requirement for the comprehensive construction of a modernized socialist country. The five "Chinese characteristics" and unique defining features of China's modernization are intrinsically connected and consistent with the essence and spirit of the new development philosophy, and applying the philosophy is an intrinsic requirement and inevitable choice for China's modernization.

To apply the new development philosophy in the new development stage, it is necessary to make substantial progress in promoting common prosperity, which is "the essential requirement of socialism and an important feature of China's modernization". The primary contradiction of the Chinese society has evolved into one between the people's growing needs for a better life and the unbalanced and inadequate development. And among the many imbalances in development, the most manifest one is the gap in wealth and income distribution, which counts as one of the most prominent restraints for China's sustainable and healthy socio-economic development and modernization. To apply the new development philosophy in the new development stage, it is necessary to practice the philosophy of shared development, and make substantial progress in promoting common prosperity for all.

Applying the new development philosophy in the new development stage requires the accelerated effort of building a new development paradigm, which is "the result of the joint working of historical and realistic logic". With the world economy still in the doldrums since the 2008 global financial crisis, domestic economic circulation has played a significantly greater role in the Chinese economy. The U.S. containment policy towards China over recent years has also posed serious challenges to China's development; The outbreak of COVID-19 had taken a heavy toll on the global industry and supply chains, as well as on international economic circulation, placing China in an external environment full of greater risks and uncertainties. To apply the new development philosophy at a new development stage with changing domestic and international environments and conditions, it is a must to accelerate the push for the new development paradigm featuring dual circulation, in which domestic and overseas markets reinforce each other, with the domestic market as the mainstay.

Applying the new development philosophy in the new development stage is the path that needs to be taken to realize high-quality development. In the new development stage, the unbalanced and inadequate development is the main aspect of the primary social contradiction as well as the main restraint for the quality of development, which requires further understanding of the new development philosophy through a problem-oriented approach, precise application of the new development philosophy, as well as more targeted and pragmatic measures, in a bid to address the many prominent issues, such as dealing with bottleneck issues, bridging the gap in urban-rural development, tackling pressures of green and low-carbon transition, and further opening up to the world amid rising economic de-globalization, thus paving the way for high-quality development.

To apply the new development philosophy in the new development stage, it is necessary to further deepen the drive for reform and opening up. The successful practice of China's development has demonstrated that only by deepening reform in a comprehensive manner can the new development philosophy be better applied, development problems better solved, development vitality better boosted, and development advantages better fostered. In the new development stage, it is necessary to, based on the achievements of existing reforms and a problem-oriented approach, to apply the new development philosophy, build a new development paradigm, and further push for high-level and high-quality reform and opening-up by focusing efforts on key areas and key links, such as strengthening innovative capability, promoting balanced development, improving the ecological environment, enhancing opening-up, and cultivating shared development.