BEIJING -- China has made significant strides in high-quality economic and social development, especially in five major areas, namely people's wellbeing, consumption, manufacturing, infrastructure and services, according to a report released on Sunday.

The report, jointly released by the Chongyang Institute for Financial Studies at Renmin University of China and cooperative think tanks from the United States, Russia, Canada and India, highlights the "compounding interest" in China's development.

The continuous accumulation of Chinese modernization can bring compounding-interest-like development to the country, serving as a driving force for sustained economic growth and prosperity for China. The "compounding interest" of China is characterized by stability of returns, long-term accumulation and sustainability, according to the report.

The momentum of China's modernization, characterized by the development of "compounding interest," focuses on taking innovation-driven initiatives, deepening reforms, expanding opening-up and promoting green development, read the report.

At the symposium held after the release, experts and scholars from China, the United States, Russia, Britain, Canada, Brazil and other countries discussed the potential and prospects of China's economic development.

China's high-quality development, fueled by compounding interest, innovation, reforms, openness and sustainability, demonstrates its commitment to building a prosperous and harmonious society, said Mohammed Saqib, secretary general of India China Economic and Cultural Council. "China is setting a remarkable example for other nations and paving the way for a brighter future for humankind."