Abstract: There are many favorable conditions for advancing the modern economic system, but we may encounter some difficulties and must overcome these problems. For example, for constructing the modern industrial system, it would be necessary to eliminate the inequality in capital returns among sectors, to break down regulatory monopoly and to reduce entry barriers. For expanding the modern market system, the focus should be to increase the degree of marketization of productive factors, especially the capital market, one of the development bottlenecks. For developing the modern income distribution system, the core should be to recognize the value of human capital. For furthering the modern regional development system, the main focus should be to face the challenge of imbalanced regional openness and to fully address the problem. For improving the green development system, it would be advisable to incorporate environmental protection Costs as increases in natural resources wealth. And the prerequisite for accelerating the opening-up system would be to speed up the pace of market liberalization reforms within the country. To conclude, in the next stage of economic system reforms, we should switch from the vertical approach, where different regulatory powers are reassigned among government agencies, to the horizontal approach, where rights are reallocated more toward the market with the ultimate goal to establish the dominant role of firms and individuals.
