Editor's note: Decision Makers is a global platform for decision-makers to share their insights on events shaping today's world. Sergei Glazyev is the minister in charge of integration and macroeconomics at the Eurasian Economic Commission and an academician of the Russian Academy of Sciences. The article reflects the author's opinions and not necessarily the views of CGTN.

Chinese President Xi Jinping's speech at the 100th anniversary of the Communist Party of China (CPC) reflected the great achievements of the Party in leading China's socio-economic development. Mainstream Western economic thought and theory alone cannot explain the range of achievements China has made over the past 50 years, such as how it has grown from a poor and backward country to a global leader in manufacturing technical products today. China's infrastructure development, rapid urbanization, and ability to improve the well-being and happiness of its people are unmatched by other countries. China owes its economic miracle to the wise leadership of the CPC.

The CPC has planned and governed China's economic and social development systematically and comprehensively, pragmatically and scientifically, putting the market at the service of society and guiding corporate innovation to improve people's well-being. While maintaining the strengths of the state-owned economy, the CPC has leveraged the role of the market to enhance the efficiency of economic development so that the laws of capital regeneration serve the task of accomplishing the goals of national economic development, thus benefiting the entire population of China.

The whole series of plans are implemented in keeping with the principle of strict adherence to socialist ideology. In his speech, Xi emphasized upholding and improving the system of socialism with Chinese characteristics as well as modernizing China's system and capacity for governance. He also stressed that "we must follow our own path – this is the bedrock that underpins all the theories and practices of our Party" and that "as we have upheld and developed socialism with Chinese characteristics and driven coordinated progress in material, political, cultural-ethical, social, and ecological terms, we have pioneered a new and uniquely Chinese path to modernization, and created a new model for human civilization."

The CPC's socio-economic development and governance system has set an example for global development and formed the basis for the birth of a new world economic order. The CPC has escaped the so-called "historical dead ends" that some predicted might eventually evolve into the collapse of the socialist system worldwide, starting with the collapse of the Soviet Union. The pragmatic and wise leadership of the CPC has shown us that the Chinese system today has instead flourished on the basis of new thoughts and science and led to the rejuvenation of socialism. The great rejuvenation of the Chinese nation under the leadership of the CPC has inspired people around the world to build harmonious and highly developed societies based on the revival of socialist ideology and an approach that combines strategic planning and the role of the market.

As Xi pointed out in his speech, "On the journey ahead, we will remain committed to promoting peace, development, cooperation, and mutual benefit, to an independent foreign policy of peace, and to the path of peaceful development. We will work to build a new type of international relations and a human community with a shared future, promote high-quality development of the Belt and Road Initiative through joint efforts, and use China's new achievements in development to provide the world with new opportunities."

We, within the framework of the Eurasian Economic Union, support the development philosophy of President Xi and stand ready to promote the alignment of the Belt and Road Initiative and the integration of the Eurasian economy. The Greater Eurasian Partnership proposed by President Putin is in line with what Xi called the "shared human values" – peace, development, fairness, justice, democracy, and freedom. Our principles of Eurasian integration also coincide with Xi's call to focus on mutual benefits instead of zero-sum games and to oppose hegemony and power politics.

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