The report of the Twentieth National Congress of the Communist Party of China pointed out that high-quality development is the primary task of building a socialist modern country in an all-round way, clearly proposed that achieving high-quality development is the essential requirement of Chinese path to modernization, and highlighted the overall and strategic significance of high-quality development for Chinese path to modernization. Promoting Chinese path to modernization with high-quality development is not abstract, but concrete, and must be implemented in the strategic arrangement of "two steps" to build a socialist modernization power in an all-round way. The report of the 20th National Congress of the Communist Party of China proposed the overall goal of basically achieving socialist modernization by 2035, including taking the per capita gross domestic product to a new level and reaching the level of moderately developed countries; Achieve high-level technological self-reliance and self-improvement, and enter the forefront of innovative countries; Establish a modern economic system and form a new development pattern; After reaching its peak, carbon emissions have steadily decreased, and the ecological environment has fundamentally improved. From the profound and complex changes in the external environment and the situation faced by China in entering a new stage of development, the task of achieving the above goals is still very arduous. Only by promoting Chinese path to modernization with high-quality development can we create conditions for China to achieve the goal of socialist modernization. There is no clear definition of what is a moderately developed country to strive to improve total factor productivity, promote Chinese path to modernization in promoting the effective improvement of the quality and reasonable growth of the economy, and strive to achieve the goal of per capita GDP reaching the level of moderately developed countries. According to World Bank standards, the threshold for per capita national income in developed countries is $20000, with an average level of $48000. Excluding smaller economies, the average per capita GDP in developed countries is approximately $35000-4000. If 35000-4000 US dollars is used as the standard for moderately developed countries, then China will have to take two more steps by 2035. Firstly, the per capita GDP has crossed the threshold of 20000 US dollars and entered the ranks of developed countries, which requires an average annual GDP growth rate of around 4.8% from 2021 to 2035. Secondly, the per capita GDP reached 35000-4000 US dollars, reaching the level of moderately developed countries. The per capita GDP calculated in current dollars is not only affected by economic growth, but also depends on the price and exchange rate level, which requires that the exchange rate should appreciate reasonably by improving the quality of economic development. Therefore, by 2035, if the per capita GDP reaches the level of moderately developed countries, it is not only necessary to maintain a relatively high economic growth rate and achieve a per capita GDP doubling to 20000 US dollars compared to 2020, but also to drive exchange rate appreciation by improving the quality of development and achieve per capita GDP reaching the level of moderately developed countries. The quality of economic development is mainly reflected in the improvement of total factor productivity. Entering the stage of high-quality development, the conditions of capital, labor and other factors and marginal output have changed, that is, the production function has changed, while the hard constraints of resources and environment have continued to strengthen. It is no longer possible to rely mainly on factor inputs to drive economic growth as in the high-speed growth stage, and it must turn to rely more on productivity improvement. From an international perspective, there is still a significant gap in China's total factor productivity compared to developed countries. If we want to gradually catch up with the level of developed countries, total factor productivity needs to increase faster than developed countries. The level of moderately developed countries is dynamic, and what we need to achieve is