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.

Entrepreneurs should be the trailblazer, the convening force and the leading player in promoting innovation-driven development. They are encouraged to explore new ways in production organization, technology and market, and promote R&D and human-capital investment to tap into employees' creativity and turn their businesses into powerful entities of innovation. 

Entrepreneurs should lead by example in upholding integrity and observing the obligation to abide by the law to raise moral standards and advocate positive lifestyles. Also, they should take up their social responsibility, strive to keep their payrolls stable, and provide more care and support to their employees so that their businesses and employees will tide over difficulties together. 

Entrepreneurs should think globally while ensuring solid performance at home. They should enhance the ability to stay ahead of the curve and better understand the demand and rules in the international marketplace. They should better explore and forestall the risks of the world market. With such abilities, they will be better positioned to lead their firms toward further growth as the country opens up further. 

We must pool resources and focus on managing our own affairs well. We should give full play to the strengths of our huge domestic market, and gradually create new development dynamics in which domestic and foreign markets can boost each other, with the domestic market as the mainstay. Efforts should be made to modernize the industrial and supply chains, promote sci-tech innovation, strive for early breakthroughs in core technologies, and build up new strengths for future development. 

Taking the domestic market as the mainstay does not mean running our economy behind closed doors. Instead, it means tapping into the potential of domestic demand and better integrating domestic and foreign markets. This way, we can make better use of the resources of both markets to achieve more robust and sustainable development. 

In the long run, economic globalization remains the prevailing theme of our times, and the mutually beneficial division of labor among countries represents the long-term trend. We must stand on the right side of history, press ahead with reform and opening-up and promote greater openness and cooperation in science and technology in order to build an open world economy and a community with a shared future for mankind. 

(Source: Extract from Xi Jinping's speech at a meeting on private enterprises in Beijing, July 21, 2020.) 

This episode is presented by Michael Wang.