Abstract: This article talks about the effective path and innovation measures of leading the construction of modern economic system with the innovation as the power on the basis of revealing the practical significance, rich connotation and the essential characteristics of building the modern economic system: implementing firmly the strategy of innovation-driven development and building a strategic support of establishment of a modern economic system; promoting the modernization of science and technology governance system and capability and providing guarantee for the construction of a modern economic system; it is the effective way of building the modern economic system by focusing on developing the small and medium-sized enterprises in the real economy.

Key words: modern economic system, innovation, science and technology governance system, small and medium-sized enterprises in the real economy