Abstract
Purpose The construction of a modern economic system is a symbolic and strategic choice for large developing economies on the path toward high-quality economic development. The paper aims to discuss this issue. Design/methodology/approach The overall framework aims to adhere to “One Policy and One Mainline” to build an innovation-driven, synergistic industrial system and a “with three-qualities” economic system (with efficient market mechanisms, energetic micro-agents and appropriate macroeconomic regulation). Findings The strengthening of the real economy and construction of a modern industrial system constitute the material basis for supporting this system and framework. As major decision making and theoretical innovation in empirical practice, building a modern economic system can also contribute substantially toward developing the applied economic theory of socialism with Chinese characteristics. Originality/value Building a modern economic system in China necessitates, without exception, the construction of various subsystems encompassing industrial, market, distribution, regional development, green development, open and economic institutional aspects.
Highlights
The construction of a modern economic system is a symbolic and strategic choice for large developing economies on the path toward high-quality economic development
A general guiding principle of China’s economic construction in the new era is to shift from the pursuit of a high-speed economy to the pursuit of high-quality economic development to accelerate the establishment of a modernized economic system (Liu, 2018a)
Strategic significance of a large developing power’s effort to build a modern economic system The modern economic system refers to an economic concept of high originality that is innovatively proposed by the General Report the 19th National Congress of the Communist Party of China (CPC) based on the idea that “for a country to be strong, the economic system must be strong,” and the wisdom of the entire Party and the country’s citizens
Summary
The construction of a modern economic system is a symbolic and strategic choice for large developing economies on the path toward high-quality economic development.
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