Common prosperity
China's overall approach to building socialism with Chinese characteristics - that is, the promotion of coordinated economic, political, cultural, social and ecological progress - has been proved effective during the past four years.
Last year, at the sixth plenary session of the 18th CPC Central Committee, two documents related to Party discipline, including the norms of political life within the Party under the new conditions and a regulation on intra-Party supervision, were approved.
He estimated that China will be home to about 440 million middle-class households once the country realizes its goal of building a moderately prosperous society in all respects by 2020. "There is great consumption potential to be tapped in China," he said.
"By 2016, a broad swath of Americans had begun to feel the effects of China's development in their everyday lives - in shopping malls, at the multiplex, in paychecks - and to sense that the center of global power might be shifting from the United States toward China," Robert Daly, director of the Kissinger Institute on China and the United States, wrote earlier this year.
The central leadership has expedited the implementation of an innovation-driven development strategy, pushed forward supply-side structural reform, placed work related to agriculture, farmers and rural areas high on the agenda, and promoted people-centered urbanization.
According to Liu, of the Chinese Academy of Fiscal Sciences, in the past three or more decades, market reforms - mainly adjusting the relationship between government and the market - have built China into the world's second-largest economy. "It's like a human being having grown physically, but who is still in need of a healthy mentality and mature spirit," he said.