Xinhua:

Since the 18th CPC National Congress, the CPC Central Committee has strengthened its leadership over economic affairs. What major measures have been taken in this regard? What principles have been gained in the process? Thanks.

Han Wenxiu:

As we know, the economy is the bedrock of the country. Since the 18th CPC National Congress, the CPC Central Committee with Comrade Xi Jinping at its core has strengthened its leadership over economic affairs. We have seen various new measures, new experience, and new features.

First, the CPC Central Committee has strengthened the Party's ability and resolve to chart the course, craft overall plans, design policies, and promote reform. The CPC Central Committee Political Bureau and its Standing Committee often convene sessions to study economic affairs, and make decisions on vital issues through major institutional arrangements such as the Central Economic Work Conference and the Central Committee for Financial and Economic Affairs in order to design economic development and reform on an overall basis, coordinate efforts to push forward reforms as a whole and supervise the implementation of reform plans.

Second, the CPC Central Committee has stressed the implementation of the new development philosophy for high-quality development. It pointed out that the country's economy has shifted from high-speed growth to high-quality development. We must apply the new development philosophy in a full, accurate and comprehensive manner, and strive to promote innovative, coordinated, green, open, and shared development. Any practice that does not conform to the new development philosophy must be resolutely corrected, and all measures which are conducive to high-quality development must be strongly supported.

Third, the CPC Central Committee has remained committed to the people-centered philosophy of development. It sticks to the notion that development is for the people, by the people, and its fruits should be shared among the people. It pointed out that we should make utmost and persistent efforts within our capacity to continuously improve people's sense of gain, happiness, and security. It also specially underlined that we should pool the efforts of everyone to gradually achieve common prosperity, oppose welfarism, and not rob the rich to aid the poor.

Fourth, the CPC Central Committee has stressed advancing supply-side structural reform as the main task. We should give priority to solving the structural problems on the supply side as the essential solution to the great challenges facing our economy. Efforts should be made to build a modern economic system, with a focus on improving the quality and efficiency of the supply system. It is also important to fully implement the strategy of expanding domestic demand to create a dynamic equilibrium between supply and demand at a higher level.

Fifth, the CPC Central Committee has stressed the importance of accelerating the establishment of a new development paradigm. In the face of a complex situation arising from the combined impacts of major changes and a pandemic, both unseen in a century, it is important to coordinate development and security. We should consolidate the domestic circulation; strengthen high-level self-reliance in science and technology; safeguard security of food, energy and resources, and industrial and supply chains; build a strong and resilient national economic circulation system. At the same time, we should fully leverage the demand of our super-sized domestic market, expand high-level opening up, promote positive interplay between domestic circulation and international circulation, and achieve mutual benefit, win-win results, and common development through opening up and cooperation.

Sixth, the CPC Central Committee has stayed true to the principle that lucid waters and lush mountains are invaluable assets. It incorporated the building of an ecological civilization into the Five-sphere Integrated Plan, and takes green and low-carbon development as an inherent requirement of, and a conscious action for, high-quality development. China has actively participated in global climate and environmental governance, living up to its responsibilities as a major country.

Last but not least, the CPC Central Committee has stressed acting on the general principle of pursuing progress while ensuring stability. We should pursue stable performance and be proactive in making new progress, avoid the unrealistic pursuit of quick results, oppose pointless formalities, and focus on implementation with a spirit of perseverance. We should increase our awareness of potential dangers, remain mindful of worst-case scenarios, strengthen strategic prepositioning, attach importance to the guiding role of planning, and enhance guidance over expectations so that we can improve preparedness for market changes and potential risks to ensure stable and long-term economic development. 

Thank you.

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