The report of the 19th National Congress of the Communist Party of China (CPC) pointed out that "China’s economy has been transitioning from a phase of rapid growth to a stage of high-quality development. This is a pivotal stage for transforming our growth model, improving our economic structure, and fostering new drivers of growth. It is imperative that we develop a modernized economy. This is both an urgent requirement for getting us smoothly through this critical transition and a strategic goal for China’s development." In order to develop a modernized economy, it is necessary to define what a "modernized economy" is. However, there are many different opinions on the understanding of the modernized economy. And there are many confusion and misunderstandings, which need to be clarified, so as to get a correct understanding. At present, many views on the modernized economy have the right side, but there are still some problems that need to be discussed. The defects are mainly in two aspects. Firstly, they are too broad, inaccurate, incomprehensive, nonspecific and unclear. Secondly, they hardly analyze or explain the different social nature of the modernized economy, or the analyses are not profound and not comprehensive.
