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Since then, high-quality development has been taken as the fundamental requirement for authorities to make economic policies and exercise macroeconomic control.

Building on its major strategic gains in fighting COVID-19, China has made steady strides in economic development. The recently concluded Fifth Plenary Session of the 19th CPC Central Committee adopted recommendations for formulating China’s 14th five-year plan. The plenum underscored that China will finish building a moderately prosperous society in all respects within the set time frame, and will embark on a new journey next year toward fully building a modern socialist country. Based on a scientific analysis of the new stage of China’s development, we will stay committed to the new development philosophy, and actively foster a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other. This new development paradigm is by no means a closed-door policy. Instead, it urges efforts on both the supply and demand sides to ensure unimpeded flow in production, distribution, exchange and consumption. While making the Chinese economy more resilient and competitive, it also aims to build a new system of open economy of higher standards. This will create more opportunities for the world to benefit from China’s high-quality development.

He also hoped that the OECD would continue to make full use of its advantages and promote robust, sustainable, balanced, and inclusive development of the world economy.

First, build a global firewall against COVID-19. We must first put the disease under control at home and, on that basis, strengthen exchanges and cooperation to help countries in need. Several G20 members have made progress in vaccine R&D and production. We should speed up action and support the WHO in mobilizing and consolidating resources and distributing vaccines fairly and efficiently. China actively supports and participates in international cooperation on COVID-19 vaccines. We have joined the COVAX facility and stand ready to step up cooperation with other countries on the R&D, production and distribution of vaccines. We will honor our commitment of giving assistance and support to other developing countries, and work to make vaccines a global public good accessible and affordable to people around the world.

China has become the only major economy in the world to achieve positive growth in 2020, boasts the world's largest middle-income population and contributes more than 70 percent of the global reduction in poverty by lifting hundreds of millions of people out of absolute poverty.