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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.

An assessment conducted by third-party agencies earlier this month showed that the overall incidence of poverty in the nine counties in Guizhou had been reduced to zero percent, and the satisfaction rate among locals was over 99 percent, said Li Jian, director of the provincial poverty alleviation and development office, at a press briefing.

Underscoring the role of digital technology in poverty alleviation, Xi urged efforts to create more opportunities for small and medium-sized enterprises, women, youth and other vulnerable groups to move from poverty to prosperity.

In his speech, Guo also stressed the need for fairer market competition as tech giants can use data monopoly advantages to hinder fair competition and obtain excess returns.

The adjustment of regulations will take effect after the signing of the decree.