‘Europe 2020：A strategy for smart，sustainable and inclusive growth’ was approved at the EU summit in June 2010. As a follow-up to the Lisbon Agenda，‘Europe 2020’ not only revises and rectifies those targets and priorities not having been completed nor being unrealistic under the framework of the Lisbon Agenda，but also proposes a new development strategy for the next decade with an emphasis on three core objectives，five measurable targets and seven flagship initiatives focusing on R&D innovation，low-carbon economy and sustainable growth. ‘Europe 2020’ will be of great significance for the EU to actively cope with the severe challenges it is and will be facing，accelerate the structural reforms，enhance its economic competitiveness and help its transition to a low-carbon economy. Whether ‘Europe 2020’ will be successful or not depends on the multi-level economic governance，R&D innovation capabilities and economic comparative advantages of the EU and its member states and on the pace that Europe will take in transforming itself into a low-carbon society.