In the report he delivered to the opening session of the Communist Party of China's 19th National Congress, General Secretary Xi Jinping said that China's economy has been transitioning from a phase of rapid growth to a stage of high-quality development. This is a pivotal stage for transforming China's growth model, improving its economic structure and fostering new drivers of growth. And it is imperative that the country develop a modernized economy, which is the strategic goal of its development.

Xi pointed out that the country must put quality first and pursue supply-side structural reform as its main task, and therefore people should work hard in pursuit of higher quality, greater efficiency, and more robust drivers of economic growth.

Efforts should be made to raise total factor productivity and accelerate the building of an industrial system that promotes coordinated development of the real economy with technological innovation, modern finance, and human resources, Xi said.

Xi also stressed on the significance of deepening supply-side structural reform for China to become a modernized economy.