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We are hearing China's campaign for common prosperity and against disorganized expansion of capital. But on the other hand, we are also witnessing China's roaring economic growth seemingly coming to an end, with reports of high unemployment especially among the youth and escalating U.S. trade and technology control measures that could suppress China's growth. So, based on the 20th Congress, what is the principle contradiction here that China should tackle first: growing the economic pie bigger and faster, or dividing the economic pie more fairly? Of course, both are important, but which one should be prioritized? Thank you.

Thank you. It is a very good question. It could be said that common prosperity is the dream of humankind, but it is not easy to realize. You just mentioned whether we should grow the economic pie bigger before dividing it. In my view, this issue also concerns social system. In the capitalist system, which is capital-based, maximum capital benefits are pursued, and thus, common prosperity cannot be achieved in a real sense. However, the socialist system offers the conditions and the possibility to realize it. I would like to break my answer to your questions into five aspects.

First, the goal of achieving common prosperity for all, on the one hand, is determined by the Party's nature and purpose, and our Party is the one serving the people wholeheartedly. On the other hand, it is determined by the system of socialism with Chinese characteristics, which is a distinctive feature of Chinese modernization. Common prosperity is one of the five features of Chinese modernization, and an unswerving goal of the Party. Our Party unites and leads the people to carry out revolution, construction, and reform, so that the people live a happier life. This is determined by the Party's original aspiration and founding mission, ideals and convictions, and nature and purpose. The report to the 20th CPC National Congress contains further elaborations on this point.

Second, we have always been exploring ways to achieve common prosperity. Since reform and opening up, we have been encouraging some regions and some people to create wealth as a first step to bringing prosperity for all. In the first decade of the new era, we have lifted nearly 100 million people out of poverty and eliminated absolute poverty that had plagued China for thousands of years. These have been our exact efforts to progress toward common prosperity. Therefore, we are making solid steps toward common prosperity, and the elimination of extreme poverty has laid a solid foundation and accumulated valuable experience for further steps toward common prosperity.

Third, to advance common prosperity, we must properly deal with the relationship between making the pie and sharing it. You also mentioned it in your questions. Now that one can only share a pie if he or she has one, so in logic, one should make the pie first. Only when the pie is well made, it could be fairly shared. On the one hand, we will keep up economic development as our central task, regard development as the CPC's top priority in governance, and pursue high-quality development, so as to grow the pie bigger and better through concerted efforts of all the people. On the other hand, we will ensure and enhance wellbeing of the public in the course of development, uphold the distribution system in which distribution according to work is the principal part that coexists with other forms of distribution, build a basic system to arrange and coordinate the primary, secondary, and tertiary distribution, strive to raise the proportion of individual income in the national income, increase the proportion of work remuneration in primary distribution, improve our policies and systems for distribution based on factors of production, ensure good order in income distribution, and improve the way wealth is accumulated, so as to divide the pie well, share it fairly and prevent polarization through sound institutional arrangements.

Fourth, achieving common prosperity for all involves a long historical process that cannot be rushed or delayed. "Cannot be rushed" means we must further unleash and develop productive forces, continuously create and accumulate social wealth, and steadily improve people's living standards while basing our efforts on China's realities, bearing in mind the fact that China is still a developing country, and following the law of economic and social development. "Cannot be delayed" means we must take effective measures, actively create conditions, and improve systems to gradually narrow the gap in income distribution; instead of waiting to address the wealth gap until we become developed, we should address it step by step during the process of development, so that people will genuinely feel the effects of continuous progress toward common prosperity.

Fifth, we should now strive to maintain stable macroeconomic performance and sound momentum of economic development. We must earnestly study and implement the guiding principles of the 20th CPC National Congress, fully implement the requirements for effective COVID-19 prevention, economic stability, and safe development, continue to ensure stability on six key fronts (employment, finance, foreign trade, inbound investment, domestic investment, and market expectations) and maintain security in six key areas (jobs, daily living needs, food and energy, industrial and supply chains, the interests of market players, and the smooth functioning of grassroots government), strive to resolve prominent issues and problems, and effectively avoid and mitigate various risks. In fact, China's economic performance since the COVID-19 outbreak has been relatively good compared with the world in general. Some of the difficulties we are facing now are universal. For example, due to the COVID-19 pandemic and the disruption of industrial and supply chains, the Chinese economy has slowed down somewhat compared with the previous years. However, it is doing well overall, and is expected to get stronger, so we should have confidence in the Chinese economy. We should give priority to employment, continue to strengthen the real economy, actively support the development of micro, small, and medium-sized enterprises, strive to create more job and business opportunities, address difficulties in the employment of college graduates and other young people, and guide people to create a happy life through their own efforts. This is the prerequisite to making solid progress toward common prosperity for all. Thank you.

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