Editor's note: This 100-episode podcast explains how China works. Exploring Xi Jinping Thought and how the Chinese president's approach has shaped the governance of China, the podcast recounts the country's growth story to help you truly understand its success and challenges.

The Party made the historic decision of going for reform and opening-up, based on a profound grasp of the future of the Party and of the country, on an in-depth review of the experience gained in socialist revolution and development, on keen insights into the trends of the times, and on a thorough understanding of the people's aspirations and needs.

Reform and opening-up is a great reawakening of the Communist Party of China (CPC), nurturing great creativity in both theory and practice for the CPC. It is the great revolution that propelled a quantum leap forward in the cause of socialism with Chinese characteristics.

The founding of the Communist Party of China, the founding of the People's Republic of China, and the pursuit of reform and opening-up and socialism with Chinese characteristics were the milestones on the way toward great national rejuvenation in modern times. They represent three historic events that took place after the May Fourth Movement in 1919.

The Chinese nation has achieved a tremendous transformation from standing up, growing rich to becoming strong. Socialism with Chinese characteristics has achieved a tremendous transformation from establishment, development to improvement. The Chinese people have achieved a tremendous transformation from the days of scarcity to a life of moderate prosperity.

What we have achieved in the past 40 years is not God-sent, still less a gift from others. It comes from the hard work, wisdom and courage of all members of the Party and people of all ethnic groups in China. In just a few decades, we have completed an industrialization process that took developed countries several hundred years. The Chinese people have achieved what was once impossible. We are immensely proud of our fellow countrymen and women who have worked an unprecedented miracle.

The past 40 years eloquently prove that the path, theory, system, and culture of socialism with Chinese characteristics pioneered in the wake of the Third Plenary Session of the 11th CPC Central Committee by the Chinese people of all ethnic groups rallying under the leadership of the CPC are completely correct, and the CPC basic theory, line and policy that have since taken shape are completely correct.

The past 40 years eloquently prove that China's development provides a successful experience and offers a bright prospect for other developing countries as they strive for modernization. China's development has effectively served the cause of world peace and development and represents a great contribution of the Chinese nation to the progress of human civilization.

The past 40 years eloquently prove that the reform and opening-up is an important way for the Party and the people to stride ahead to catch up with the times, the only path to uphold and develop socialism with Chinese characteristics, a game-changing move in making China what it is today, and a game-changing move for us to achieve China's two centenary goals and its great national rejuvenation.

(Source: Extract from Xi Jinping's speech at a grand gathering to celebrate the 40th anniversary of China's reform and opening-up at the Great Hall of the People in Beijing, China, December 18, 2018.)

This episode is presented by Wang Guan.