Modernizing an Industrial System with High-Quality Development of Market Entities

The Report to the 20th National Congress of the Communist Party of China(CPC)puts forward“modernizing the industrial system”and“In pursuing economic growth,we must continue to focus on the real economy.”Industrial upgrading is a vital path to replace old growth drivers with new ones and to promote high-quality development of the real economy.Market entities are the micro-foundation of the real economy and the leading force of industrial transformation and upgrading.The production capacity,service capacity,and innovation capacity of market entities are significant driving forces to upgrade industries and to modernize an industrial system.Chinese President Xi Jinping has stressed that effort should be made to protect market entities and to accumulate basic strength for economic development.Therefore,China should cultivate,develop and regulate all kinds of market entities to provide strong support for upgrading and modernizing an industrial system.