A research center on Xi Jinping's economic thought was officially launched in Beijing Tuesday.

The center, approved by the Communist Party of China Central Committee, was founded under the National Development and Reform Commission. It aims to study, disseminate, implement and expound on Xi Jinping's economic thought.

Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era was unveiled at the Central Economic Work Conference held in December 2017. It is mainly based on the new development philosophy put forward by Xi and features innovative, coordinated, green, open and shared development.

Regarded as the "latest fruit" of socialist political economy with Chinese characteristics, the thought reflects the leadership's growing understanding of the laws of economic and social development and makes clear the key principles to be upheld in promoting economic development for a new era.