BEIJING -- New China Research, the think tank of Xinhua News Agency, on Wednesday released a report titled "Toward Modernity: The Value of Xi Jinping's Economic Thought."

The report comprises five chapters, regarding the distinctive features, the practical strategies, the scientific approaches and the implications for the world of Xi Jinping's economic thought as well as Xi's stories on economic governance in different localities.

The historic achievements and historic changes of the Chinese economy in the new era serve as a profound indication for the great strength of Xi Jinping's economic thought in practice, says the report.

As China enters a new development stage, the more complex and grave the international situation is, the more challenging and arduous the tasks of reform are, and the more steadfast the country shall be in following the guidance of Xi Jinping's economic thought, which is key for the Chinese economy to forge ahead at its current stage and in the future, the report says.

The report focuses on the distinctive features of Xi Jinping's economic thought from a philosophical dimension. It expounds on how Xi Jinping's economic thought pursues innovation on the basis of what has worked in the past, and opens up new frontiers for the Marxist political economics with five key points: a better life, the real economy, effective governance, harmonious development and common prosperity.

Xi Jinping's economic thought starts from the principal contradiction facing Chinese society, coordinates needs and wants, focuses on a "better life", and establishes the economics that seeks happiness for people, the report says.

It also starts from the labor theory of value, coordinates the dual implications of economics and philosophy on value, focuses on the "real economy," and establishes the economics that lays a stronger material foundation for national rejuvenation.

Based on laws of economics and reality, Xi Jinping's economic thought has created a synergy between the government and the markets while focusing on achieving "effective governance" and constructing socialist market economics in a new era, says the report.

Starting from new stage of development, Xi Jinping's economic thought creates a synergy between economy and society, between humans and nature, and between materials and culture, with a focus on achieving "harmonious development" and establishing peace for all future generations, the report says.

It also starts from the essence of socialism, coordinates efficiency and fairness, focuses on "common prosperity," and constructs the economics of common prosperity and a harmonized world.

The report focuses on the practical strategies of Xi Jinping's economic thought from a strategic dimension. It expounds on how Xi Jinping's economic thought guides the Chinese economy to pursue high-quality development, and strengthens the material foundation for the building of a great modern socialist country in all respects.

The report focuses on the scientific approaches of Xi Jinping's economic thought from a tactical dimension. It expounds on his wisdom in economic governance in managing the relationships between stability and progress, between crisis and opportunity, between supply and demand, between domestic and external situations, between establishing the new and abolishing the old, and between immediate and future concerns.

The report focuses on the implications of Xi Jinping's economic thought for the world from a global dimension. It expounds on his answers to the questions of global development.

The report also explores the origins of Xi Jinping's economic thought in practice by recounting Xi's stories of economic governance when he worked in different localities.

The report will be released in both Chinese and English via multi-media forms. A book with the same title as the report will also be published and distributed at home and abroad.

The New China Research under Xinhua News Agency is the only media-type think tank in the array of China's national high-end think tanks. With policy research as its main focus, it has carried out forward-looking, strategic, and reserve research around major domestic and global issues in recent years, and has released many influential research results.

The think tank held a seminar on Wednesday. More than 50 experts, scholars, representatives of think tanks and journalists from home and abroad exchanged views both online and offline, exploring China's development toward a great modern country.