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Read in Chinese

Speakers:

Wang Xiaohui, deputy head in charge of routine work of the Publicity Department of the Communist Party of China (CPC) Central Committee

Jiang Jinquan, director of the Policy Research Office of the CPC Central Committee

Han Wenxiu, deputy director of the Office of the Central Commission for Financial and Economic Affairs

Ning Jizhe, deputy head and member of the leading Party members group of the National Development and Reform Commission, head and secretary of the leading Party members group of the National Bureau of Statistics

Wang Zhigang, minister and secretary of the leading Party members group of the Ministry of Science and Technology

Chairperson:

Xu Lin, deputy head of the Publicity Department of the CPC Central Committee and minister of the State Council Information Office

Date:

Oct. 30, 2020

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Xu Lin:

Ladies and gentlemen, friends from the media, good morning. Welcome to the first press conference held by the Central Committee of the Communist Party of China (CPC). The CPC Central Committee's news release mechanism has been established  to meet the needs of new situations and present-day demands as socialism with Chinese characteristics has entered a new era. It is an important institutional arrangement and innovation for upholding and strengthening overall Party leadership and improving the Party's governance capability.

The theme of this CPC Central Committee's press conference is introducing and elaborating on the guiding principles of the 19th CPC Central Committee's fifth plenary session.

The 19th CPC Central Committee held its fifth plenary session in Beijing from Oct. 26 to 29. This was an important meeting as China is about to achieve the first centenary goal of building a moderately prosperous society in all respects, and is embarking on a new journey to fully build a modern socialist country.

The session examined and approved the Proposals  of the CPC Central Committee for Formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 . It has made systematic and strategic plans regarding the objectives set through the year 2035 and the economic and social development during the 14th Five-Year Plan period (2021-2025).

Today, we have invited officials from relevant departments, who will brief you on the fifth plenary session, explain the content of the Proposals, and answer your questions.

Present at today's press conference are:

Mr. Wang Xiaohui, deputy head in charge of routine work of the Publicity Department of the Communist Party of China (CPC) Central Committee;

Mr. Jiang Jinquan, director of the Policy Research Office of the CPC Central Committee;

Mr. Han Wenxiu, deputy director of the Office of the Central Commission for Financial and Economic Affairs;

Mr. Ning Jizhe, deputy head and member of the leading Party members group of the National Development and Reform Commission, head and secretary of the leading Party members group of the National Bureau of Statistics;

Mr. Wang Zhigang, minister and secretary of the leading Party members group of the Ministry of Science and Technology.

Since there are many foreign reporters present, simultaneous interpretation services are available throughout the press conference. If you ask questions in English, we will provide translations in Chinese.

Next, let's give the floor to Mr. Wang Xiaohui.

Wang Xiaohui:

Friends from the media at home and abroad, good morning. It is my pleasure to brief you on the fifth plenary session of the 19th CPC Central Committee.

The 19th CPC Central Committee held its fifth plenary session in Beijing from Oct. 26 to 29, 2020. The session was presided over by the Political Bureau of the Central Committee, and was attended by members and alternate members of the Central Committee. Members of the Standing Committee of the CPC Central Commission for Discipline Inspection and other leaders concerned were present at the session in a non-voting capacity, as were some community-level delegates to the 19th CPC National Congress and some experts and scholars. Participants at the plenary session heard and deliberated over the report on the work of the Political Bureau presented by General Secretary Xi Jinping on behalf of the Political Bureau. The participants also examined and approved the Proposals  of the CPC Central Committee for Formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 , after hearing explanatory remarks given by General Secretary Xi Jinping about the draft document. At the close of the session, General Secretary Xi made an important speech. The session concluded after successfully completing all items on the agenda.

The participants fully affirmed the work that the Political Bureau has carried out since the fourth plenary session of the 19th CPC Central Committee, and highly appraised the defining achievements China has made in completing the building of a moderately prosperous society in all respects. They unanimously agreed that in face of the complicated international situation and formidable tasks of advancing domestic reform and development while maintaining stability, particularly under the grave impacts of COVID-19, the CPC Central Committee with Comrade Xi Jinping at its core has stayed true to the CPC's original aspiration and founding mission, and has united and led the whole Party and people of all ethnic groups in breaking new ground and forging ahead, and worked strenuously to advance various programs of the Party and the country while resolutely addressing all kinds of risks and challenges, thus steering the giant ship of socialism with Chinese characteristics steadily forward. Such experience has once again proved that with Comrade Xi Jinping at the core of the CPC Central Committee and the whole Party to take the helm, and with all CPC members and the whole nation united as one, we can surely overcome difficulties and obstacles of all kinds on the journey ahead, and vigorously advance socialism with Chinese characteristics in the new era.

The plenary session is an important meeting of overarching and historic significance that has been held as China enters a new stage of development and is at a critical moment of realizing the great rejuvenation of the Chinese nation. The 14th Five-Year Plan period covers the first five years during which China will start a new journey toward the second Centenary Goal of fully building a modern socialist country after having achieved the first Centenary Goal of building a moderately prosperous society in all respects. China now is still in an important period of strategic opportunity for development, while facing profound and complex changes at home and abroad. Internationally, the world is undergoing momentous changes unseen in a century with quickening pace of evolution. The COVID-19 pandemic is exerting an extensive, far-reaching impact around the world, economic globalization is encountering headwinds, and dramatic changes are taking place in the international economic, scientific and technological, cultural, security and political landscapes. All of these place China in an increasingly complex external environment. Domestically, as our country has come to a key moment for realizing national rejuvenation, the principal contradiction facing the Chinese society has changed and our economy is transitioning to high-quality development. China enjoys multiple favorable conditions and strengths to pursue sustained development and, at the same time, faces many difficulties and challenges to come. At a historic moment when the timeframes of the two centenary goals converge, the CPC Central Committee convened the fifth plenary session to discuss matters relating to the 14th Five-Year Plan, draw up a blueprint for China's future development, and identify the direction and goals for the journey ahead. This is of great significance for inspiring the whole Party and the Chinese people of all ethnic groups to overcome the various risks and challenges on our journey ahead, and make a good start for building a modern socialist China in all respects.

The most important outcome of the session is its adoption of the Proposals  of the CPC Central Committee for Formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 . The Proposals gives an in-depth analysis of the conditions facing China's development, both at home and abroad. The Proposals outlines the long-range prospect of basically realizing socialist modernization by 2035, and sets forth the guiding principles, main targets, priority tasks and major measures for the 14th Five-Year Plan period. It offers answers to what kind of development to pursue under the new conditions and how to achieve it. The session's participants all agreed that the document fully reflects the new changes in our current times, suits the requirements of the new era and responds to the new aspirations of the people. It will serve as a guiding document as China sets out on a new journey toward fully building a modern socialist country and realizing its second centenary goal. It will be a guide of action for China's economic and social development in the next five years and beyond.

A distinct feature of the Proposals is that it focuses on the principal contradiction facing the Chinese society and outlines a number of strategic and innovative measures for different fields. For instance, it defines fully building a modern socialist country as a foremost element of the Four-pronged Comprehensive Strategy; it identifies pursuing high-quality development as the main theme and deepening supply-side structural reforms as the main task; and it identifies self-reliance and self-strengthening in science and technology as being the strategic support to China's national development. It also emphasizes the strategic importance of expanding domestic demand, and underscores the need to embed the new vision for development and the idea of security-oriented development in all fields and in the entire process of China's development. For the first time, more notable and substantial progress toward the common prosperity of all Chinese people is set as a long-range goal. In particular, the document includes strategic steps for fostering a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other, and specifies the main priorities and primary tasks for this endeavor. These strategic and innovative measures highlight the outstanding problems and areas of weakness in China's development, and respond to people's aspirations and wishes. They are significant for keeping the development initiative in China's own hands, for upgrading China's strength in competition, and for ensuring long-term and steady progress in China's development.

That's all of my introduction. Thank you.

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Xu Lin:

Thank you, Mr. Wang. Now, I'll give the floor to Mr. Han Wenxiu.

Han Wenxiu:

Good morning everyone. I will now brief you on the drafting of the Proposals of the CPC Central Committee for Formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through the Year 2035. I'll talk about three main aspects.

First, the Proposals have been drafted under General Secretary Xi Jinping's personal leadership. To compile and implement medium- and long-term plans is an important way for the Party to run the country and guide economic and social development. Since China began its reform and opening up, for every five years, a medium- and long-term plan is drafted and, before that, the CPC Central Committee would formulate its proposals and set the guidelines and principles for the drafting of the document. This has become a good tradition. In March this year, the Political Bureau of the CPC Central Committee made the decision that the Fifth Plenary Session of the 19th CPC Central Committee would review the Proposals of the CPC Central Committee for Formulating the 14th Five-Year Plan for National Economic and Social Development and the Long-Range Objectives Through the Year 2035, and that a drafting group was to be set up with General Secretary Xi Jinping as the head, and Comrades Li Keqiang, Wang Huning and Han Zheng as deputy heads. Over the past seven months, General Secretary Xi Jinping has chaired two meetings of the Political Bureau, three meetings of the Standing Committee of the Political Bureau, and two meetings of the drafting group, to discuss and review the guiding principles, general approaches, overall framework and major contents of the draft. By giving important remarks and instructions, General Secretary Xi Jinping established the orientation, approach and strategy regarding the drafting of the Proposals. He has conducted in-depth research during field trips to different localities and communities, listened to views and suggestions from all sectors of society, and personally revised the draft document several times before its approval. His strategic oversight and personal devotion have ensured the successful completion of the draft Proposals with high quality.

Second, a main feature in drawing up the Proposals is the democratic and open approach intended to pool the wisdom and generate ideas in the drafting process. Late last year, General Secretary Xi Jinping instructed the relevant departments under the CPC Central Committee and the State Council to organize initial research on the major issues related to China's economic and social development in the 14th Five-Year Plan period (2021-2025). The Office of the Central Commission for Financial and Economic Affairs and the National Development and Reform Commission have commissioned more than 60 research institutions and agencies, including top think tanks in the country, to conduct research on 37 major issues, which produced more than 130 research reports. The National People's Congress and the National Committee of the Chinese People's Political Consultative Conference have also sponsored research on special subjects and presented a series of research reports. The CPC Central Committee has twice solicited opinions inside and outside the CPC. The drafting group has studied and incorporated in the draft document helpful views and suggestions from various regions, competent departments and circles. In early August, General Secretary Xi Jinping gave an important instruction that top-level design should be combined with public opinions, and that the general public and different social sectors should be encouraged to offer their views and suggestions through various means, so that public aspirations, people's wisdom, expert views, and community experiences could all be absorbed to make the 14th Five-Year Plan a sound document. Between August 16 and 29, opinions were solicited online for the drafting of the 14th Five-Year Plan, the first time in the history of drafting CPC Central Committee Plenary Session documents. The public showed great interest and posted more than 1 million messages, based on which more than 1,000 suggestions were sorted out. Between July and September, General Secretary Xi Jinping chaired symposiums on the integrated development of the Yangtze River Delta and with prominent non-CPC personages, entrepreneurs, economic and social experts, scientists, grassroots representatives, and experts of education, culture, public health, and sports, to listen to their views. In revising the draft Proposals, the drafting group has fully studied and taken in the views and suggestions from all sides. The drafting of the Proposals is a fine example of China's socialist democracy, and an important reflection of scientific and democratic decision-making process.

Third, the main considerations and basic framework of the Proposals. The Proposals have been drawn up in line with the strategic two-stage development plan made at the 19th CPC National Congress for realizing the second of China's two centennial goals. They are formulated in light of the international and the domestic environments and conditions regarding China's development in the coming period. They are based on the Party's original aspiration and founding mission to seek rejuvenation for the Chinese nation and well-being for the Chinese people. They are consistent with the philosophy of people-centered development. They carry systematic planning and strategic arrangements for China's economic and social development for the next five years. The Proposals serve as a guiding program as China sets out on a new journey toward building a modern socialist country and realizing its second centennial goal. They also serve as a guide of action for China's economic and social development in the next five years and beyond.

The drafting of the Proposals has followed five principles: first, balancing the relationship between coherence and innovation to dovetail the two centennial goals; second, balancing the relationship between the government and the market to better leverage China's institutional strength; third, balancing the relationship between opening up and independence to better coordinate domestic and international imperatives; fourth, balancing the relationship between development and security to avoid any systemic risks that will impede China's modernization drive; and fifth, balancing the relationship between strategy-making and operational tactics to ensure both oversight and results-oriented implementation.

The Proposals consist of three main sections with 15 parts: The General Introduction summarizes the achievements China has scored in completing the building of a society of moderate prosperity in all respects, the environment for development, the Long-Range Objectives Through the Year 2035, and the guidelines, principles, and main targets for the 14th Five-Year Plan period. The Middle Section, structured in accordance with the various dimensions of the new development philosophy, spells out China's priority tasks for economic and social development during 2021-2025 in different fields and for reform and opening up. The Conclusion mainly elaborates on strengthening the centralized, unified leadership of the CPC Central Committee and on improving relevant mechanisms to ensure sound implementation of the Five-Year Plan.

The logical framework for the Proposals is that after achieving a society of moderate prosperity in all respects, China will embark on a new journey toward building a modern socialist country. China will take hold the new stage of development, thoroughly implement the new development philosophy and accelerate a new development paradigm. China will take pursuing high-quality development as the main theme and deepening supply-side structural reforms as the main task, and strive to achieve steady and sustained economic progress and maintain social stability and harmony, so as to ensure a good start for building a modern socialist country in all respects. To put it simply, the Proposals highlight three new aspects: a new development stage, a new development philosophy, and a new development paradigm.

Thank you.

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Xu Lin:

Thank you, Mr. Han. The floor is now open for questions. Please identify your news outlet before asking your question.

China Media Group:

Many in the general public are likely eager to know the new content of the CPC Central Committee's proposals for the 14th Five-Year Plan that concerns issues relating to their livelihoods. For example, general income has been growing but gaps in income between different industries and regions have been widening. Meanwhile, consumption has witnessed lower growth. What specific measures does the 14th Five-Year Plan contain to tackle these issues? Thank you.

Xu Lin:

Mr. Ning Jizhe will answer this question. 

Ning Jizhe:

Thank you, this question is very important as it concerns many people. The people aspire to live a better life and the proposals for the 14th Five-Year Plan answer the aspiration of millions of people, raising major requirements and measures for the improvement of people's well-being and their quality of life. In terms of employment, we will look to strengthen employment policies, create more jobs, improve support systems for securing employment for key groups, and realize more adequate, higher-quality employment. In terms of income, we will raise levels of income, increase the income of urban and rural residents via multiple channels, and make sure that income increases keep pace with economic growth. In terms of education, we will build a higher-quality education system, promote balanced development and urban-rural integration in compulsory education, and push a higher level of education throughout the nation. In terms of culture and sport, we will organize extensive cultural and fitness activities open to the general public. In terms of healthcare, we will comprehensively promote the building of the Healthy China initiative, speed up the expansion of quality healthcare resources while balancing the distribution of such resources between different regions, and generally improve the healthcare system. In terms of elderly care, we will implement the national strategy of proactively addressing the issue of an aging population, boost long-term and balanced development of the population, and improve basic elderly care service systems. In terms of social security, we will improve the multi-layered social security system and make sure that it covers the entire nation, maintains coordination between urban and rural areas, and is fair, uniform, and sustainable. 

Here I will introduce the situation regarding incomes and consumption during the 13th Five-Year Plan period. In the past few years, the income of China's residents has seen continued growth. From 2016 to 2019, disposable income per capita saw real annual growth of 6.5%. The gap between urban and rural areas has gradually narrowed. In 2019, the ratio of disposable income per capita of urban residents to that of rural residents was 2.64, 0.09 smaller than in 2015. The size of middle-income groups has also expanded from more than 100 million people in 2010 to more than 400 million people in 2019. Consumption has seen continued growth, with total retail sales of consumer goods reaching 41.2 trillion yuan in 2019, up 36.9% from 2015. The structure of consumption patterns has also been optimizing: the Engel's Coefficient (the share of residents' expenditure on food concerning overall expenditure) declined to 28.2% in 2019 from 30.6% in 2015, reflecting an upgrade in the structure of consumption patterns. New forms and models of consumption have also been thriving. Online retail sales reached 10.6 trillion yuan in 2019, 1.74 times higher than that of 2015. Online retail, riding the trend, continued to grow this year. 

Amid the impact of the pandemic in the past few months, we took measures to boost incomes and encourage consumption, and as a result, both have gradually recovered. In the first three quarters of the year, disposable income per capita has seen real growth of 0.6%, the first positive growth this year. In September, total retail sales of consumer goods grew 3.3% year on year, with the third quarter witnessing a positive growth. 

You mentioned earlier that there is an income gap between different industries and regions. In the 14th Five-Year Plan period, we will follow the requirements of the proposals to firmly promote common prosperity, insist on the system under which distribution according to that work is dominant and a variety of modes of distribution coexist, increase the share of work remuneration in primary distribution, improve mechanisms for reasonable wage increases, make efforts to raise incomes among lower-income groups, and expand the size of middle-income groups. We will also improve the system of distribution according to factors of contribution and production and increase middle-to-low-income groups' income payments. We will perfect the redistribution mechanism and improve the intensity and accuracy of measures for adjustment such as taxation, social security, and transfer of payments. We will let the tertiary distribution mechanism play its role and promote charity work. We will encourage consumption with comprehensive measures; ride the trend of consumption upgrades; promote green, healthy, and safe consumption; develop service consumption, and encourage the development of new models and forms of consumption. We will push for the management of consumer goods, including cars, to shift from purchase management to usage management systems, and we will push for the healthy development of housing consumption. We will promote contact-free services, boost the integrated development of online and offline consumption, and tap urban and rural consumer markets. We will implement an on-pay leave system and increase consumption during holidays. We will improve the environment for consumption and offer stronger protections for consumer rights to let consumption better play its fundamental role in driving economic development, which is also a way to improve and secure people's livelihoods. Thank you.

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Bloomberg:

The Fifth Plenary Session identifies self-reliance and self-strengthening in science and technology as being the strategic support to China's national development, and stresses that China will uphold the central role of innovation in its modernization drive. What specific measures will be adopted to achieve this self-reliance and self-strengthening in science and technology and promote innovation?

Xu Lin:

Mr. Wang Zhigang will answer the question.

Wang Zhigang:

I thank the reporter from Bloomberg for this question. The Fifth Plenary Session stresses that China will uphold the central role of innovation in its modernization drive and identifies self-reliance and self-strengthening in science and technology as being the strategic support to China's national development. We know that scientific and technological innovation has always played an important role in national development and human progress, and its role is becoming increasingly prominent and important. As China enters a new stage of development, the country needs new development, and needs to foster a new development paradigm. Therefore, the Fifth Plenary Session put forward the aforementioned Proposals, placing self-reliance and self-strengthening in science and technology at the top of the all planned tasks, and making special arrangements. It is the first time that the CPC has done so in the history of formulating a five-year plan. It is also a strategic arrangement made by the CPC Central Committee with Comrade Xi Jinping at its core in keeping abreast of the trend of world development, keeping in mind the current situation and adopting a long-term perspective.

Looking back, the CPC Central Committee came up with the innovation-driven development strategy at the 18th CPC National Congress, and put forward taking innovation as the primary driving force for development at the 19th CPC National Congress. It has been continuously carrying forward and evolving its strategies, guidelines, plans and arrangements for scientific and technological innovation. The important positioning and arrangements regarding scientific and technological innovation put forward at the Fifth Plenary Session are based on the constant pursuit of seeking truth from facts and the long-term theoretical innovation and practices of the CPC. The various moves have fully grasped the trend of global scientific and technological development, and adhered to the path of independent innovation with Chinese characteristics. They also fit the characteristics and tasks of scientific and technological innovation in the country in the new era. In fundamental respects, we need to make full use of scientific and technological innovation, and ensure it plays its key role in the great changes unseen in a century and use it to support and guide the great rejuvenation of the Chinese nation. Faced with these changes in China and worldwide, we need to apply a new development philosophy, promote high-quality development and foster a new development paradigm. More than ever, we need solutions in our approach to scientific and technological innovation, and depending on innovation as the primary driving force. Only by relying on scientific and technological innovation, can we develop opportunities amid crises, open up new areas amid change, constantly expand new space for development, and seek to shape new advantages for growth. That is why scientific and technological innovation is such an important feature of the new development paradigm.

China's scientific and technological strength is now moving from seeking accumulation in quantitative terms to taking great leaps forward in quality, from individual breakthroughs to achieving systematic progress, laying a solid foundation for economic growth, and improvement of livelihood and national security. Looking ahead, we should have more confidence in innovation, and seize opportunities in the new technological and industrial revolution. Following the principle that the scientific and technological development must target the frontiers of global science, serve the economic battlefield, strive to fulfill the significant needs of our country and benefit people's lives and health, we should adhere to both scientific and technological innovation and institutional innovation, cultivate scientific and technological strength, and improve our systematic capacity in scientific and technological research and emergency research. We need to make overall arrangements for achieving significant breakthroughs in basic research and key and core technologies, and constructing a systematic, sound and efficient national scientific and technological innovation system. We also need to motivate scientific and technological personnel and innovators. In this way, we seek to move faster on the new path of innovative development featuring excellent talents, cutting-edge technologies, outstanding industries and a strong economy and nation, and move faster to become one of the leading innovation-oriented countries and a scientific and technological power in the world.

You mentioned self-reliance and self-strengthening in science and technology. It can be traced to the same originating source as self-reliance and independent innovation we have been emphasizing. Self-reliance and self-strengthening do not contradict with openness and cooperation; instead, they form a dialectical unity. Openness and cooperation are integral to the path of independent innovation with Chinese characteristics. Self-reliance and self-strengthening are the prerequisite and foundation for opening up and cooperation on the basis of equal treatment and mutual respect. At the same time, China's scientific and technological innovation has never been, and will never be, conducted behind closed doors. Over the past 40 plus years of reform and opening up, openness, cooperation, exchanges and mutual learning have played an important role in promoting China's scientific and technological innovation. We have always emphasized pursuit of scientific and technological innovation with a global vision, and actively integrated ourselves into the global innovation network. Now, China's scientific and technological development and innovation is becoming increasingly inseparable from the rest of the world, and the world is also becoming increasingly in need of China in achieving scientific and technological progress. On the one hand, we need to improve our ability of independent innovation and run our own affairs well, because key and core technologies cannot be acquired or purchased. On the other hand, we hope to learn more of the advanced experience from the rest of the world, and share more of China's scientific and technological achievements and contribute more Chinese wisdom to tackle global challenges.

Looking forward, China will make greater strides in opening up and cooperation in science and technology. We are ready to carry out dialogue and exchanges with other countries in regard to science and technology policies, development plans, research ethics, and fields of common concern in science and technology as well as innovation. In regard to opening up and cooperation, we will seek common ground while reserving differences, and strive to form an increased consensus on international science and technology governance. At the same time, we will focus on global issues such as climate change, energy and resources, and public health, set up a scientific research fund to support joint research with countries across the world. We will further improve the legal and policy environment for scientific and technological innovation in China, strengthen the protection of intellectual property rights, and provide equal opportunities and convenient conditions for overseas talents to work and start businesses in China, striving to make China a favored destination for global innovators and entrepreneurs. Thank you.

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Lianhe Zaobao:

Is China's new development paradigm of "dual circulation" a response to international pressure? During the 14th Five-Year Plan period and in the years leading up to 2035, will China shift its focus to development of its "domestic circulation," thereby diminishing efforts to open-up to the outside world? Thanks.

Xu Lin:

Mr. Han Wenxiu will answer your questions.

Han Wenxiu:

Fostering a new development paradigm is a strategic decision taken by General Secretary Xi Jinping and the CPC Central Committee in order to actively tackle the changing international and domestic situations, upgrade China's economic development in a timely manner, and foster new advantages in international economic cooperation and competition. It has played a key role in the creation of the proposals.

As we have seen, economic globalization is currently encountering headwinds, unilateralism and protectionism are rising, the COVID-19 pandemic has brought about extensive and profound impacts, and traditional international economic circulation has been substantially weakened, or even hampered. Against this backdrop, strengthening domestic circulation allows us to enhance the resilience of our economic development, and at the same time increase international circulation, thus allowing the two circulations to boost one another. One commonality between major economies is that domestic circulation can suffice. Like other major economies, China, as the world's second largest economy, has made domestic supply and demand the mainstay of its economic circulation. Since the 2008 international financial crisis, China has achieved remarkable progress in rebalancing its economy. For instance, China's current account surplus plunged from around 10% of GDP in 2007 to approximately 1% in 2019. China's degree of foreign trade dependence — the ratio of foreign trade volume to the country's GDP — has dropped from over 60% to just over 30%. Therefore, China's economic growth is increasingly dependent on domestic consumption and investment.

You may have noticed that China has been highlighting the basic role of consumption and the key role of investment since the 18th CPC National Congress held in 2012. In recent years, the contribution of domestic demand to economic growth has basically remained over 90%, with the ratio exceeding 100% in some years. Therefore, the driving force of the domestic circulation has been remarkably strengthened. Therefore, the adoption of the new development paradigm — whereby domestic and foreign markets can boost each other, with the domestic market as the mainstay — signifies that the Party has precisely grasped and put into practice the laws governing economic development. This is a proactive rather than a reactive move; it is a long-term strategy, not a stopgap measure.

It is necessary to point out that the new paradigm stresses dual circulation rather than domestic circulation on its own. By saying domestic circulation, we mean "wide circulation" based on a unified domestic market, rather than self-centered "small circulations" based on local markets. It does not mean we will foster separate circulations in each and every province, city or county.

To foster a new development paradigm, we should first adhere to expanding domestic demand as the strategic foundation, facilitate national economic circulation, and remove various barriers to production, distribution, logistics and consumption. To remove these barriers, we should deepen supply-side structural reform and achieve major breakthroughs in key areas and linkages. We should increase research into core technologies and ensure the safety and stability of industrial and supply chains. We should optimize the structure of income distribution to expand the size of the middle-income group. We should develop a modern logistics system, improve the consumption environment to promote consumption upgrading, and take full advantage of the country's huge market. In this way, not only can we boost the domestic economy, we can also create more market opportunities for the rest of the world.

We should ensure deeper involvement in the international circulation, which is an integral part of China's efforts to establish a new development paradigm. We should promote higher levels of opening-up and expand market entry for foreign-invested enterprises to better use resources from both domestic and international markets. Markets are a scarce global resource. We should build a market-oriented and international business environment based on the rule of law. Relying on the strong domestic market, we should turn the country into a magnet for high-quality global resources, and make China a fertile land for foreign investment and enterprises, thus allowing domestic and international markets to boost each other and promoting mutual benefits and common prosperity with other countries. Therefore, fostering a new development paradigm by no means signifies the weakening of the country's efforts to open up. On the contrary, China will see a steady rise in its foreign trade volume, the utilization of foreign capital, as well as its outbound investment, and China's international standing will also continue to rise, which is an important hallmark of major economies. Thank you.

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Asahi Shimbun: 

According to the Communique of the Fifth Plenary Session of the 19th CPC Central Committee, the session raised a set of long-range objectives for China to basically achieve socialist modernization by 2035. By then, China's economic and technological strength and composite national strength will have increased significantly. However, tensions between China and the United States grow, economic decoupling between the two countries seems likely. In such circumstances, how will China achieve the long-range objectives set for 2035? Thank you. 

Xu Lin:

Mr. Han Wenxiu will answer this question.

Han Wenxiu:

It will take China 15 years, or three Five-Year Plan periods, to basically achieve socialist modernization by 2035. The 14th Five-Year Plan covers the first five years, during which the country will embark on a new journey to fully build a modern socialist China. The Proposals put concentration on China's development in the 14th Five-Year Plan period as well as outline the long-range objectives through the year 2035. By doing so, the Proposals chart the course for continued progress; achieve popular consensus; outline how to link, coordinate, and integrate short, medium, and long-term development objectives; and help strengthen strategic consistency. In 1995, the CPC Central Committee drafted proposals for the 9th Five-Year Plan, which also included the long-range objectives through to the year 2010.

To achieve the long-range objectives set for 2035, we do need an appropriate external environment. Currently, as the international environment becomes increasingly complex and uncertainty and instability notably increase, a more severe and challenging situation arises. However, we believe that peace and development remain the theme of our times and the will of the people. Despite strong headwinds, the world will continue to move toward greater economic globalization amid twists and turns. Nowadays, the world we live in is becoming a global village, and the economic ties between China and the U.S., the world's two largest economies, are determined by the complementarity of the two sides' economic structures as well as the openness of the global economy. Under these circumstances, complete "decoupling" between China and the U.S. is utterly unrealistic, will do neither side any good, and in turn will also harm the world. In fact, few people want the two sides to decouple, while far more opt to pursue sincere cooperation. In the third quarter of this year, despite the impact of the COVID-19 pandemic, China-U.S. bilateral trade volume increased by 16% year on year. So we should not be afraid of the dark clouds blocking our view; instead, we should continue to adhere to the principles of peace, development, and win-win cooperation as well as safeguard multilateralism, stay on the right path of history, and actively create an enabling environment globally.

To achieve the long-range objectives set for 2035, the key is to improve capacity-building. We should keep in mind the fact that China remains in the primary stage of socialism and strive to run our affairs well. Of course, many complicated tasks await, among which the three most important are reform, opening-up, and innovation.

Reform is a strong power driving development. Through efforts to deepen reform across the board, we will build a high-level socialist market economy that will fully unleash the vitality of the 1.4 billion Chinese people, enabling them to create more social wealth, pursue better lives, and ultimately achieve common prosperity for everyone. Such a powerful force that promotes China's modernization cannot be stopped. 

Opening-up is the right choice to promote development. General Secretary Xi Jinping has stressed on various occasions that openness brings progress while seclusion leads to backwardness. This is also an important lesson drawn from modern Chinese history. So whatever changes in the international landscape, China will unswervingly adhere to its fundamental state policy of opening-up. Through high-level opening-up, China will provide a larger market with more opportunities to the world, which will not only improve the development of China but also create a fairer and more equitable global economic governance system to push forward the building of a community with a shared future for mankind.

Innovation is the primary driving force for development. We will undertake self-reliance in scientific and technological development to strategically support the country's overall development, step up efforts to build a strong country in science and technology, and create new strengths for China's development in all respects to provide strong support mechanisms for the high-quality development of the economy and people's living standards.

The Proposals have been comprehensively deployed in all of these aspects. We believe that as long as we deliver a good performance in key areas such as reform, opening-up, and innovation, we will achieve the long-range objectives set for 2035. Thank you.

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Xinhua News Agency:

The 13th Five-Year Plan period has seen major achievements in cultural development, which featured prominently in building a moderately prosperous society in all respects. What is the position and role of cultural development in our new journey toward fully building a modern socialist country? What plans did the fifth plenary session put forward for cultural development? Thank you.

Xu Lin:

Mr. Wang Xiaohui will answer this question.

Wang Xiaohui:

Thank you for your question. In recent years, China has made rapid and remarkable progress in many cultural undertakings. Many of our cultural undertakings and industries are numbered among the world's best. For example, the scale of press and publication, as well as film and television industries, tops the world, and the quality of cultural products and their influence have also increased. 

Since the 18th CPC National Congress, the CPC Central Committee has attached more importance to cultural development and has lifted it to a higher position than ever before. In particular, confidence in culture has been put forward as one of the "four confidences" of socialism with Chinese characteristics alongside confidence in China's path, theory and system. Entering the new stage of development, we have set higher standards for cultural development, and the role of culture will be further highlighted.

China's socialist modernization is a great cause of all-round development and progress. An important feature is balanced development of material and cultural advancement. Regarding the position and role of culture in fully building a modern socialist country, General Secretary Xi Jinping made an incisive summary at a recent symposium attended by experts or representatives from China's education, culture, health and sports sectors. He expanded it into "four important" aspects: to ensure coordinated implementation of the five-sphere integrated plan and the four-pronged comprehensive strategy, culture is important content; to promote high-quality development, culture is an important fulcrum; to meet the people's increasing needs for a better life, culture is an important factor; to overcome all kinds of risks and challenges in the way forward, culture is an important source of strength. So, we could say that without the prosperity and development of socialist culture, there would be no socialist modernization.

The fifth plenary session attached great importance to cultural development and formulated plans for it from a strategic, overarching level. The most important one is that we clearly propose to develop a strong socialist culture in China by 2035. The objective of developing a strong socialist culture was put forward at the sixth plenary session of the 17th CPC Central Committee; however, this is the first time the Central Committee has established a specific timetable. The Proposals dedicated one part to making plans for cultural development, laying down the basic principles for the next five years. Three priorities were outlined: enhancing the social etiquette and civility; advancing the quality of public cultural services; and improving the modern cultural industry system. We believe that as China's modernization process continues to advance, we will develop a strong socialist culture through more solid steps and further strengthen China's soft power and cultural influence.

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Reuters: 

Chinese leaders have pledged to pursue higher-quality growth and deepen reforms, and we know that global uncertainties are rising. Against this backdrop, how are you going to set the key targets for China's economic and social development under the 14th Five-Year Plan? What are the key risks and challenges facing the economy of the next five years? What growth rate is needed to bypass the middle-income trap? Thank you.

Xu Lin:

Mr. Ning Jizhe will answer the questions.

Ning Jizhe:

Thank you for your questions. The issue concerning targets is very important. The Proposals have brought forward the major targets for China's economic and social development during the 14th Five-Year Plan period, which can be summarized as the targets of "making new progress in six aspects." First, we will make new progress in economic development. Sustained and healthy economic development shall be realized on the basis of higher quality development with greater efficiency. Major progress shall be achieved in building a modernized economic system. Second, we shall take new steps toward reform and opening up. The socialist market economy will be further improved and a new institution for a more advanced open economy will take shape. Third, new measures for the improvement in social civility shall be taken. Public cultural service systems and cultural industries will be further developed so that people can enjoy a richer cultural life. Fourth, new progress will be made in achieving ecological civilization. The efficient utilization of energy and resources will be increased remarkably and the ecological environment will continue to improve. Fifth, people's living standards will reach a new level and growth in personal income shall become in step with economic growth. Significant progress will be made in providing equitable access to basic public services. Sixth, there will be new improvements in the efficiency of national governance. Socialist democracy and rule of law will be further enhanced and social governance, especially regarding communities, will witness major improvements. 

All the aforementioned have represented China's high-quality development and reform and opening up. These "six new major goals" have fully reflected the guiding principles of upholding and improving the institutions and mechanisms for the Party to lead economic and social development, advancing coordinated progress in the five-sphere integrated plan, and pursuing balanced progress in the four-pronged comprehensive strategy. They have exemplified a people-centered approach and efforts to satisfy the people's aspirations for a better life. These goals have also fully reflected the efforts to implement the new development philosophy to pursue high-quality development, as well as a firm commitment to deepening reform and opening up to increase the dynamism of development. Moreover, they testify to a systemic approach under which developments in terms of quality, structure, scale, speed, efficiency, and security will achieve synergy.

These major goals have been set in the context of overall development trends at home and abroad, as well as in light of China's current stage of development. Focusing on the 2035 long-range objectives, specific development targets in the coming five years have also been made. While setting these objectives, both developmental objectives and the issues we are facing have been taken into account to better achieve socialist modernization and give greater priority to the quality of development. These major goals also reflect the principle of trying to make breakthroughs while sticking to good practice. We will move on to the second "centenary goals" and make the 14th Five-Year Plan a new starting point in fully building a modern socialist country.

Regarding the risks and challenges that you mentioned, I would say that we are facing both international and domestic risks and challenges. Internationally, unilateralism, protectionism, and a backlash against globalization are on the rise, and uncertainties and destabilizing factors are also increasing, which have made the external environment for China's development more complex. Domestically, we are still facing the prominent problem of unbalanced and inadequate development as well as problems regarding the coexisting of structural, institutional, and cyclical issues. Additionally, there are a lot of weak links in terms of people's well-being and social development. Given the risks and challenges of the next five years, the Proposals put forward that we must consider the domestic and international situation in a coordinated way and put a focus on both development and security so as to prevent and defuse various risks and challenges. 

Regarding economic growth, I would say that development serves as the foundation and key to resolving all of these issues. This is the Party's top priority in governing and rejuvenating the country. During the 14th Five-Year Plan period, we will practice the new development philosophy so as to unleash the full potential of growth. Next, under the leadership of the CPC Central Committee and the State Council, and in accordance with the spirit of the Fifth Plenary Session of the 19th CPC Central Committee, the National Development and Reform Commission (NDRC) will step up efforts to engage in work regarding the formulation of the 14th Five-Year Plan. In keeping with the direction and strategies made by the Proposals, and on the basis of meticulous calculation, the NDRC will propose well-calibrated objectives for both qualitative and quantitative growth to ensure reasonable and stable economic growth, providing a strong start in the building of a modern socialist country. The Plan will be submitted to the Fourth Session of the 13th National People's Congress next year for deliberation and approval.

Thank you. 

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ITAR-TASS:

How has China's economy developed within the context of COVID-19 epidemic prevention and control? What problems have been encountered? How have issues regarding employment and inflation been dealt with? Thank you.

Xu Lin:

Mr. Ning, please continue to take the questions.

Ning Jizhe:

A very practical question. The COVID-19 epidemic has taken a heavy toll on the world, including China. We all see that under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, we have put people's lives first. The CPC Central Committee has overseen the general situation throughout and provided centralized and unified leadership. The Central Committee made arrangements and set tasks to fight the epidemic, promote development, and ensure stability on the six fronts (employment, finance, foreign trade, foreign investment, domestic investment, and market expectations), and security in the six areas (employment, people's livelihood, operations of market entities, food and energy, stable industrial and supply chains, and the normal functioning of primary-level governments), leading the entire Party and the whole nation to achieve major strategic results in coordinating the epidemic prevention and control alongside economic and social development. We have not only taken the lead in bringing the epidemic under control but were also the first to restore positive economic growth. China's economic development amid epidemic prevention and control has six major characteristics:

First, timely control of COVID-19 has created a normal environment for development. Epidemic control strategies and measures were implemented and improved dynamically, and in approximately three months, decisive achievements were made in the battle to defend Wuhan city and Hubei province. Later, successive battles were won against several clusters of infections in some local areas. Vigorous measures have been taken to prevent inbound cases and domestic resurgences, and normal economic and social order has been restored throughout the country, making development possible.

Second, rapid organization of reopening has promoted steady industrial recovery. In a short period, more than 90 policy measures in eight categories for reopening have been introduced, removing choking points, difficulties, and bottlenecks and maintaining the stable operation of the production and supply chains.

Third, policies of a sizable scale decisively introduced have energized market entities. We have further cut taxes and fees, issued government bonds for COVID-19 control, raised the fiscal deficit ratio, increased special local government bonds, and slashed outlays on non-urgent and non-obligatory items. We have adopted measures for required reserve ratio reductions and interest rate cuts, re-lending, delayed payment, inclusive financing, bank interest concessions, and applied transfer mechanisms to ensure funds go straight to primary levels. Our policies regarding the macroeconomy and helping enterprises overcome difficulties are strong and effective, promoting the survival and growth of nearly one hundred million market entities.

Fourth, overall economic and social development has been stabilized thanks to the prioritization of steady employment and ensuring living standards. We have put steady employment and ensuring living standards first when formulating policies, actively responded to the impact of the epidemic and floods on people's livelihoods, redoubled efforts to strengthen agricultural production, vigorously promoted poverty alleviation, and continued to improve public services. By doing so, we have ensured the basic life of 1.4 billion people, and stabilized the fundamentals of the economy and the overall social development.

Fifth, the constant development of new growth drivers has promoted a trend-bucking surge of new business forms and models. In dealing with the epidemic, entrepreneurship and innovation have continued to provide results, and new forms of business, notably the internet economy, have played an important role in growth. Both the supply and demand of online shopping, express delivery, remote working, online education, and telemedicine have flourished, and new infrastructure and consumption in new areas have progressed rapidly.

Sixth, the resolute deepening of reform and opening-up has mobilized production factors both at home and abroad. We have constantly accelerated reforms to streamline administration and delegate power, improve regulation, and upgrade services, improved the business environment, widened market access, and advanced opening-up, ensuring stability in expectations, domestic investment, foreign trade, and foreign investment. In the first three quarters of this year, China's fixed-asset investment grew by 0.8% year on year, total imports and exports were up by 0.7% on a year-on-year basis, and utilized foreign investment registered a year-on-year increase of 5.2%, all achieving positive growth. Foreign capital entering the Chinese market has continued to increase.

Faced with the impact of the epidemic, we of course encountered problems  regarding the employment of migrant workers and rising food prices. By adopting measures to fight against the epidemic, promote development, and advance reform and opening-up, these problems have been effectively alleviated. In the first three quarters of this year, the annual goal of creating new urban jobs has been basically accomplished, with the surveyed urban unemployment rate dropping from 6.2% at the beginning of this year to 5.4% in September. Meanwhile, the consumer price index (CPI) registered an average increase of 3.3%, down to 1.7% in September. The work to ensure the stability of supplies and prices of pork and other foodstuffs has also yielded fruit.

Next, we will not let up on any front regarding our long-term fight against COVID-19 and will pay increased attention to stabilizing policies and expectations as well as ensuring unimpeded flows in the economy. We will also improve cross-cycle design and adjustments to macro regulation; grasp the direction, focus, intensity, and pace of regulation, and combine reasonable growth with job creation and stable prices to promote high-quality economic growth. Thank you.

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People's Daily:

Why was the overall leadership of the Party and the centralized, unified leadership of the CPC Central Committee emphasized so much at the fifth plenary session of the 19th CPC Central Committee? Thank you.

Xu Lin:

Mr. Jiang Jinquan will answer this question.

Jiang Jinquan:

Thank you for the question. The fifth plenary session of the 19th CPC Central Committee has emphasized upholding the overall leadership of the Party and strengthening the centralized, unified leadership of the CPC Central Committee, and placed it as the primary principle that must be followed in promoting national economic and social development in the 14th Five-Year Plan (2021-2025) period, because the principle provides the most important guarantee for achieving the goals of economic and social development set during the 14th Five-Year Plan period. As you all know, the CPC leadership is the key to China's success in running its affairs and it is the choice of history and the people for the Communist Party of China to lead the national rejuvenation. This is well-grounded in history, theory, and reality.

Since its founding 100 years ago, the Party has upheld its founding mission to pursue happiness for the Chinese people, sought national rejuvenation, led all ethnic groups to continue their struggle, and achieved great victories in revolution, construction, and reform. The Chinese nation ushered in a historic leap starting from standing up and getting rich to becoming strong. The CPC won the heartfelt support of all people throughout the country. A recent poll conducted by an authoritative international organization shows that the support rate of the Party and the Chinese government stands as high as 95%, ranking top in the world. This year, China took the lead both in curbing the COVID-19 epidemic and in reversing the economic downturn into positive growth, highlighting once again the strong leadership of the Party and the remarkable advantages of socialism with Chinese characteristics. The Party's leadership is the most essential feature of socialism with Chinese characteristics, the greatest strength of the system, and the fundamental national condition in boosting China's economic and social development. During the 14th Five-Year Plan period and beyond, China's economic and social development will be confronted with an extremely complex international situation. We will have to solve many difficult problems and face a series of risks and challenges. The more problems we face, the more we will be inseparable from the Party who serves as the compass for guiding our direction, the backbone for gathering strength, and the bedrock for keeping social stability. Therefore, we must uphold and strengthen the overall leadership of the Party. That's why the principle of upholding the overall leadership of the Party has been given top priority and must be followed in terms of economic and social development during the 14th Five-Year Plan period.

The highest principle for upholding the overall leadership of the Party is to strengthen the centralized, unified leadership of the CPC Central Committee. As we all know, a good choir needs a strong conductor. Only by strengthening the centralized, unified leadership of the CPC Central Committee can the Party provide overall leadership and coordinate the efforts of all involved to create strong synergy and promote economic and social development. Only with the centralized, unified leadership of the CPC Central Committee and with General Secretary Xi Jinping at the helm, the ship of socialism with Chinese characteristics can ride the wind and waves and go steadily forward. This requires the entire Party to strengthen our consciousness of the need to maintain political integrity, think in big-picture terms, follow the leadership core, and keep in alignment with the central Party leadership. We must also stay confident in the path, theory, system, and culture of socialism with Chinese characteristics and uphold General Secretary Xi Jinping's core position on the CPC Central Committee and in the Party as a whole as well as uphold the Central Committee's authority and its centralized, unified leadership. By aligning ourselves with Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and using it to guide practice and advance work we can closely follow the CPC Central Committee with Comrade Xi Jinping at its core in terms of thinking, political stand, and action as well as continue to improve organizational systems that effectively coordinate between upper and lower levels and provide steadfast enforcement, give play to the Party's strong political, ideological, and organizational advantages as well as the political and organizational functions of primary party organizations to effectively implement the decisions and plans of the CPC Central Committee.

General Secretary Xi Jinping often says that "it takes a good blacksmith to make good steel." To uphold the CPC's leadership, we must strengthen Party building. We must implement the general guidance for Party development in the new era, and follow the Party's organizational lines, take enhancing the Party's political foundation building as the overarching principle, and make comprehensive efforts to ensure that the Party's political work is stressed, ideology is strengthened, organizations are consolidated, conduct is improved, discipline is maintained, institutional development is always emphasized, and the fight against corruption continues. We must also ensure the effective fulfillment of responsibilities of the main actor and supervisor for strict Party self-governance. We will stay true to the Party's founding mission to inspire the inexhaustible impetus of concerted efforts in the whole Party. We will encourage officials at all levels to do their job and the public to work with the right atmosphere for the selection and appointment of Party cadres. We will pool the strength of the broadest masses of the people by applying a realistic and pragmatic approach, striving to do solid work and maintain integrity. 

Party building is in turn a means to develop the leadership for the sake of the Party and the country. The fifth plenary session of the 19th CPC Central Committee stresses that the 14th Five-Year Plan period must focus on promoting high-quality development. Only high-quality Party building can lead to and promote high-quality development.

Thank you.

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Sing Tao Daily:

China is facing complex and volatile situations both at home and abroad. The plenary session demonstrates that China is still in an important period of strategic opportunity for development. What is the basis of this critical judgment? How is it different from "the important period of strategic opportunity" often referred to since the 16th CPC National Congress (in 2002)? What does the 14th Five-Year Plan mean to Hong Kong? What opportunities will it give to Hong Kong's development? Thank you.

Xu Lin: 

Mr. Han Wenxiu will answer the questions.

Han Wenxiu:

When making decisions and formulating plans, the CPC has always placed emphasis on assessing the environment for development, especially the opportunities and challenges. In 2002, the 16th CPC National Congress pointed out that the first 20 years of the 21st century is an important period of strategic opportunity that we must seize and in which much can be achieved. In the past two decades, we have achieved remarkable historic progress in advancing reform, opening-up, and development. Twenty years on, the proposals for formulating the 14th Five-Year Plan make a new important judgment: at present and for the foreseeable future, China is still in an important period of strategic opportunity for development, but there are new developments and changes in both opportunities and challenges.

This period has two distinct features:

First, both the opportunities and challenges are unprecedented. Internationally, the world is undergoing substantial changes unseen in a century; the factors related to instability and uncertainty are noticeably rising in the external environment; the unexpected COVID-19 has made a wide and far-reaching impact; economic globalization is facing undertows and headwinds, and the world is entering a period of turbulence and change. Domestically, the principal contradiction facing Chinese society has evolved and is now battling challenges regarding inadequate and unbalanced development and people's ever-growing needs for a better life. With China's per capita GDP exceeding $10,000, the country is at a critical moment, moving from a middle-income country into a high-income country. We are about to finish building a moderately prosperous society in all respects. We will also build on this achievement to embark on a new journey of comprehensively building a modern socialist country. The tasks that lie ahead are arduous. There are many new opportunities and challenges as well as big opportunities and challenges.

Second, there are opportunities in crises, and crises can be turned into opportunities. This important period of strategic opportunity has taken on a new dimension, so we need to look at opportunities and challenges in a dialectic way and have a keen sense of both the opportunities and the risks. We must be able to set sail and navigate through the headwinds, turning crises into real opportunities. COVID-19 had a huge impact on China's economic and social development. Under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its  core, we have taken strong, orderly, effective measures to coordinate epidemic control alongside economic and social development. China was among the first to bring COVID-19 under control, reopen, and register positive economic growth. This has put us in a better position for development. From this, it is abundantly clear that out of crises can emerge opportunities. Once we overcome crises, we will come out of the other end with bright prospects.

Looking toward the 14th Five-Year Plan period, we have confidence and determination. The system of socialism with Chinese characteristics gives us notable strengths, including a solid material and technological foundation built through more than 40 years of reform and opening-up, rich human resources, a broad market, as well as full-fledged industrial system and supporting capabilities. In particular, we have the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core. With all of this, we can seize new opportunities, tackle emerging challenges, implement the new development philosophy, continue to follow the general principle of pursuing progress while ensuring stability, manage our own affairs well, find opportunities amid crises, and open up new prospects amid changes, to write a new chapter of the "two miracles" of rapid economic development and long-term social stability.

Hong Kong ranks as the world's freest economy. Its economy enjoys a sound foundation and unique strengths such as a large pool of high-caliber talents and extensive links with the global economy. In the 14th Five-Year Plan period, the central government  will continue to support Hong Kong in solidifying and strengthening its competitive edge, building an international technological innovation center, and establishing a functional platform for the Belt and Road Initiative. We will promote the high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area and improve policy measures to make it more convenient for people of Hong Kong and Macao study, work, and live on the mainland. We will support Hong Kong and Macao in conducting exchange and cooperation with other countries and regions. We are confident that with the full and faithful implementation of the principle of the "one country, two systems" and with closer ties between Hong Kong and Macao and the mainland and by helping the two regions better integrate into the country's overall development, Hong Kong and Macao will certainly enjoy long-term prosperity and stability. Thank you.

Xu Lin:

Thank you to all five speakers and friends from the media. That concludes this press conference. Thank you.

Translated and edited by Zhu Bochen, Li Huiru, Guo Yiming, Wang Wei, Liu Sitong, Fan Junmei, Zhang Jiaqi, Huang Shan, Liu Qiang, Wang Yanfang, Wang Yiming, Zhang Junmian, Gong Yingchun, Zhou Jing, Xu Xiaoxuan, Yuan Fang, Duan Yaying, Li Xiao, Wang Qian, Zhang Liying, Yang Xi, David Ball, Geoffrey Murry, and Tom Arnstein. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.