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The research group on the strategy for China's modernization pointed out early this year ten major challenges ahead of China's economic modernization drive during the first half of the 21st century.

The ten challenges are: sustained and rapid growth of labor productivity; the transition from three-way economy to knowledge-based economy; agricultural modernization; sustained supply of energy and resources; maintaining financial stability; ecological modernization and the balanced development of economy and ecology; coordinated development among different regions and between cities and rural areas; overall enhancement of workforce quality; major improvement of the capability and efficiency of innovation; participation in globalization and safeguarding the national interest.

Along with the challenges, China will embrace three major opportunities during its economic modernization drive: information-based economy and economic globalization, green economy and bio-economy, and experience economy and cultural economy.

"We must make serious studies on these opportunities and should not miss them," said He Chuanqi, head of he research group.

He said, China had missed three historical opportunities for economic modernization: first, the spread of the First Industrial Revolution in 1793; second, the kick-off of the Second Industrial Revolution during 1842 and 1860; third, the technological transfer during the third industrial revolution from 1957 to 1976.

He said, the past 160 years were a period from slumber to awakening for China while the future one hundred years will see China catch up in its economic modernization drive. If we can seize the opportunities, brave and conquer the new challenges, China will realize the economic modernization and the great rejuvenation of the entire Chinese nation in the 21st century.