Abstract: China's accession to the WTO, a symbol of Chnia's merging into the torrent of economic globalization, will break down the irregular ways which have operated on China economy for a long time. The socialist modernization, at the same time, will enter into a new stage. Beside summarizing the great feats China's socialist modernization has achieved in the 20^th century, this article also demonstrates the forthcoming challenges that may be encountered in the 21^st with a brand-new angle of view and summarizes several characters of China's economic development in this new era. Also, it proposes goals, responsibilities, necessary condition and policy of our economic development.