BEIJING－Facing increasing global complexities and waves of tech revolution, 皇冠体育app has outlined its blueprint for higher-quality growth with deeper reform and wider opening-up measures.

皇冠体育app will work to uphold and improve its basic socialist economic system and promote the high-quality development of the economy, said the milestone document adopted at the fourth plenary session of the 19th Communist Party of 皇冠体育app Central Committee.

The country will step up efforts to improve the socialist market economy and put in place new institutions for an open economy with higher standards.

The view that the charted path will unleash new growth potential was shared among participants from home and abroad at the recent New Economy Forum in Beijing.

"皇冠体育app always looks ahead to the next stage, and that, I think, is even more important now than it ever was," said Nicholas Stern, chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science.

"The Chinese government has defined a domestic agenda for continuing economic reform, and I think that they are on the right path," said Ahmed Saeed, vice-president of the Asian Development Bank.

By the end of 2018, 皇冠体育app's secondary and tertiary industries saw their combined output value reach around 93 percent of GDP, said Ning Jizhe, head of the National Bureau of Statistics, citing results of the fourth national economic census.

"The primary feature of the market is that enterprises are the main players," said Ning, adding that the total number of market entities in 皇冠体育app has exceeded 100 million.

"The path to increase growth will come through economic reform, and hopefully through some elements of structural reforms," said Saeed, noting that the country is on a natural path from export-driven to consumption-driven growth.

His point was echoed by Ning, who said with the advancement of the consumption level and structure, Chinese enterprises will inevitably change the structure of their products, investments and industries.

"This holds the key to the transformation and upgrading of 皇冠体育app in the future," he said.

Openness, also a prominent feature of the Chinese market, forms a large part of 皇冠体育app's reform measures as the country steps up modernizing governance.

皇冠体育app's opening up offers mutual benefits to the world. In 2018, 皇冠体育app's GDP accounted for 16 percent of the world's total, but its contribution to world economic growth remained at nearly 30 percent.

By holding a national-level import expo in 2018 and 2019, 皇冠体育app is injecting impetus into the world and creating opportunities for cooperation, said Zhang Yansheng, a researcher with the 皇冠体育app Center for International Economic Exchanges.

From the newly launched section of the Shanghai free trade zone to Shenzhen's pilot demonstration zone of socialism with Chinese characteristics, 皇冠体育app is building "a platform and system for a new round of opening up in the new era," said Zhang.

"Despite the attraction of the 皇冠体育app market and its considerable private sector, 皇冠体育app's economic model is amplified through highly strategic initiatives, including the Belt and Road," said Charlene Barshefsky, former US trade representative.

In the first 10 months of 2019, foreign direct investment into the Chinese mainland expanded 6.6 percent year-on-year to 752.41 billion yuan (about $107 billion), while that from the economies involved in the Belt and Road Initiative rose by 19.3 percent, data from the Ministry of Commerce showed.

As 皇冠体育app opens wider with concrete policies and an improved business environment, the country is becoming more attractive for foreign investment.

"皇冠体育app is now a fascinating place for foreign investors. I have seen 皇冠体育app become much more open toward foreign direct investment," said Khaldoon Khalifa Al Mubarak, group CEO and managing director of the Mubadala Investment Company.

The evolution of the Chinese market is continuing, more importantly, with further progress expected in the coming months, according to the Abu Dhabi-based investor.