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This paper presents a design of new video coding scheme targeting substantial compression performance with reasonable complexity for next-generation high-resolution video sources. While it takes a conventional block-based MC+DCT hybrid coding approach that is suitable for hardware implementation of a high-resolution video codec, the proposed scheme achieved significant improvement of coding efficiency by introducing various technical optimizations in each functional block, especially allowing the use of larger blocks for motion compensation and transform than conventional standards. According to our experimental analysis, the proposed scheme achieves approximately 26% bit-rate savings on average compared to the state-of-the-art standard AVC/H.264 high profile. We also study the tradeoff between complexity and performance of the codec towards its standardization and implementation.