As China shifts from a phase of rapid economic growth to a stage of high-quality development, the quality of growth has been gaining widespread public attention. High-quality growth is a broad term including the quality of products, the environment and people's lives.

China has become the second largest economy in the world, and economic strength is the foundation upon which China can construct high-quality growth.

Another reason for pursuing high-quality growth is the evolution of the principal contradiction facing Chinese society, which is now one between unbalanced and inadequate development and the people's ever-growing needs for a better life.

Innovation is the key to realizing high-quality growth. For instance, the transformation and upgrading of traditional industries should be promoted by utilizing modern technologies. New technologies and new industries involving the Internet, the Internet of Things, big data and artificial intelligence should be nurtured, while advanced manufacturing industries involving new-energy vehicles, aerospace, aviation and the service, culture and tourism industries should also be advanced.

Property rights systems and mechanisms for the market-based allocation of production factors should be improved to enable a significant increase in economic dynamism and public creativity. Principles of equal rights, equal opportunities and fair rules should be upheld to support the development of private enterprises.

Moreover, to realize high-quality growth, a modern economic system should be established with a focus on the real economy and improving the quality of the supply system. The government should also change its economic policies to promote healthy and stable growth and industrial optimization and upgrading.

(This is an edited excerpt of an article published in China Newsweek on March 19)