"To understand China, the key lies in understanding Chinese modernization."

The "Understand China" program produced by People's Daily Online interprets a real, multidimensional and comprehensive China through in-depth dialogues between both Chinese and foreign scholars.

Chinese modernization is the modernization of common prosperity for all. Achieving common prosperity is a defining feature of socialism with Chinese characteristics and involves a long historical process.

In this episode of "Understand China," Justin Yifu Lin, dean of the Institute of New Structural Economics and honorary dean of the National School of Development at Peking University, and John Ross, former director of economic and business policy for the mayor of London and senior fellow of the Chongyang Institute for Financial Studies at Renmin University of China, analyzed the current economic situation, explored how to correctly understand the significance of the modernization of common prosperity for all for Chinese modernization, to make more significant substantive progress in promoting the common prosperity for all in practice.

Reform and opening up have been crucial to the cause of the Party and the people, enabling us to catch up with the times in great strides. Two scholars spoke highly of China's development achievements since the reform and opening up. Ross said that the "China Peak" theory is complete nonsense and that the path China has taken is one that other countries can follow.

The modernization of common prosperity for all is a defining feature of Chinese modernization and a significant feature that makes it different from Western modernization. After the industrial revolution, Western countries embarked on the path of modernization. Still, income distribution has worsened, Lin said, adding that Chinese modernization strives to promote common prosperity for all and resolutely prevents polarization, but it is by no means egalitarianism.

He pointed out that development is the key to resolving all the issues. China has abundant opportunities for development and the wisdom to handle the relationship between the government and the market, realizing the dream of Chinese modernization.

"Today, in my opinion, the most important (development) situation in the world is in China," Ross said.