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China's huge domestic consumption potential has become its new comparative advantage, and that's why the country seeks the new development pattern to benefit itself and the rest of the world, said Yao Jingyuan, a research fellow at the Counsellors' Office of the State Council.

Following a "better-than-expected" Q2 rebound in GDP, the World Bank has raised its growth forecast for the Chinese economy this year to 2 percent, up from the 1 percent growth projection released earlier.

Thanks to strenuous efforts from all sides since the second symposium in 2014, major progress has been achieved in the work related to Xinjiang, Xi said, citing a series of markedly improving key indicators from 2014 to 2019, such as a sound economic momentum with an average annual GDP growth rate of 7.2 percent, people's living standards being significantly improved with an average annual 9.1 percent growth in residential per capita disposable income, and more than 2.92 million out of 3.09 million people being lifted out of poverty.

The feat of poverty elimination can not be accomplished without support from other economically active regions of China. Under the pairing-up policy, Shanghai and south China's Guangdong Province invested more than 13.5 billion yuan in financial aid and implemented 4,127 supporting projects to lift 372,200 people in Yunnan out of poverty since 2016, according to Huang.

China's largest annual online shopping event, known as Singles Day, will also boost consumer spending, the report said, noting this year's "Double 11" shopping festival has already begun its pre-sales to widen the window for consumer purchases.