Managing China’s transition to a new phase of economic growth and development

The Chinese economy is undergoing fundamental changes leading towards a major transition to a new phase of economic growth and development. This transition is a result of the need to elevate the standard of living to a new level in a more sustained model of economic growth and of the rapidly changing environment that has increased the complexity of implementing new reform measures and policies. The transition is guided by a Chinese Government vision to build a modern socialist country by 2035 through economic growth and social development, achieve a high level of openness and a strong modern economy towards the middle of the century and build a more affluent society. This vision was apparent from the Chinese Communist Party’s recent twentieth national congress.