People-centered philosophy of development
Bringing benefits to the people directly and indirectly is the ultimate goal of economic development. Fast economic growth in the past brought a lot of indirect benefits to the people. As China enters into new era, a people-centered approach bringing more direct benefits, such as better education, environment, living conditions and medical services, is needed for high-quality development.
More balanced development
High-quality development should be promoted through a more balanced approach, because the principal contradiction facing Chinese society is now the contradiction between unbalanced and inadequate development and the people's ever-growing needs for a better life. Unbalanced development, which includes great disparity in wealth allocation among different people and diverse regional development levels, is a serious problem for China and should be a top priority.
Fast economic growth has improved people's living standards, but also brought many potential risks, especially systematic financial risks. Preventing these risks from developing into economic, financial or social crises will be an important part of China's sustainable economic development in the future.
China has entered the fourth industrial revolutionary era, prominently featuring the internet and its practical applications, even though the country's economy driven by labor and capital has made great achievements over the past 40 years. To develop further and take a leading role in the world economy, China should transfer its economic development mode from labor- and capital-driven to innovation-driven.
Improved economic structure
Although China has become the second-largest economy in the world, the economic structure of the country is still at medium and low level, compared with developed countries in general. Promoting high-quality development requires improvements to the economic structure, such as encouraging consumption and developing emerging, high-tech industries.
Better economic effectiveness
Economic effectiveness is an important measure of quality and China's economic effectiveness at micro, meso and macro levels is much lower than that of developed countries. Improved quality and effectiveness cannot be separated in China's future economic development.
Greener economies are an inevitable trend and a new growth point for the world economy. Over past decades, Chinese people have dealt with a great deal of pollution, so it is of paramount significance to develop a green economy for sustainable growth and a better environment for the next generations.
Medium-high growth development
Quality and quantity are dialectically united, and without a certain level of economic growth high-quality development cannot be achieved. In the new era, fast economic growth is not prioritized, but zero or low growth cannot be tolerated. A medium-high level economic growth rate is an important aspect of high-quality development for China.