Since the beginning of the new era, China’s economy has undergone a profound transformation from ‘high growth rate’ to ‘high quality’. Consumption, investment and exports have played a significant role in driving the economy, new productivity has accelerated, and the rate of contribution to the world economy has climbed steadily. These achievements have been made possible by adhering to the overall leadership of the Communist Party of China, the main line of reform, the people-centred approach, the general tone of seeking progress amidst stability, and the systemic advantage of focusing on doing great things. At present, in the face of the complicated international situation, weak market expectations, insufficient momentum in domestic demand, the domestic cycle is not smooth, and the industrial system is large but not strong and many other problems and challenges, China must maintain strategic determination, build a new high-level open economic system, implement precise measures to expand domestic demand on all fronts, actively expand effective investment, and vigorously develop new productive forces in accordance with local conditions.