Scientific research on Chinese construction of modernized economic system and high quality development must be guided by the philosophy of materialism and emphasize their intrinsic connection with the consolidation and development of socialist public ownership. Modernized economic system is contemporary advanced production method, it includes social production relationship fitting for advanced social productivity, therefore, the construction of modernized economic system must set up and perfect socialist production relationship and wipe out the immanent drawbacks of developed capitalist economic system. The high quality development of the economy is the intrinsic requirement for building modernized economic system, and should not only follow the requirement that social productivity plays a decisive role in enhancing China’s economic quality advantage but also abide by the requirement that social production relationship plays a counteractive role in the development of social productivity to intensify and develop socialist system based on the public ownership of production materials and to boost the high quality development of social production relationship. In real economy, currently, the proportion of China’s public ownership economy is significantly declined but the private economy is obviously increased, thus, the author suggests that persistence of socialist basic economic system should attach the importance to the upholding and developing of public ownership economy by guiding private collective economy to conduct socialist economy so that the state-owned economy can be holistically vitalized and rural collective economy can be guided to realize “the second jump”.