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China's development will enter a new stage during the 14th Five-Year Plan (2021-2025) period, and the country's reforms are at a new juncture, said Xi, also head of the central committee for deepening overall reform.

China, he noted, will speed up the transformation from high speed growth to high-quality development, with improved economic structure, breakthrough in core high technology industries, and balanced growth across inland and coastal regions.

Efforts must be made to protect the legitimate rights and interests of farmers, he said.

The country will leverage government investment and invigorate private investment to establish a mechanism for intrinsic investment growth with market playing a decisive role.

The proposals also urged efforts to consolidate the fundamental role of consumption in economic development, adapt to consumption upgrading and promote consumption in an all-round way.