The Political Bureau of the Central Committee of the Communist Party of China (CPC) held a group study on the transformation of the country's economic development on Monday.

Hu Jintao, General Secretary of the CPC Central Committee, said that accelerating the transformation of economic development was a pressing strategic task vital to the economy

It is "a fundamental measure to enhance the country's economic competitiveness and ability to deal with risks and an important guarantee of the goal of building a moderately affluent society in a comprehensive way," he said while presiding the group study.

Hu said since China launched its reform and opening-up drive 30 years ago, the economy had sustained rapid growth, living standards had been significantly improved and great achievements had been made in socialist modernization construction.

China is at a decisive stage of reform and development and has entered an important period for industrialization and modernization, Hu said.

He added that its adaptation to changing international circumstances and domestic development and breakthroughs in the transformation of its economic development were important for long-term, stable and rapid economic development.

Hu said: "We should keep to the new path of industrialization with Chinese characteristics and promote economic growth to shift from relying mainly on investment and exports to relying on a well-coordinated combination of consumption, investment and exports; from secondary industry serving as the major driving force to primary, secondary and tertiary industries jointly driving economic growth, and from relying heavily on increased consumption of material resources to relying mainly on advances in science and technology, improvement in the quality of the workforce and innovation in management."