Editor's note: The 20th National Congress of the Communist Party of China concluded with a blueprint mapped out for China's future development in the next five years and beyond. CGTN is publishing "How China Works – Charting the Future," a special series delving deep into a key report adopted at the congress to see how the country can fulfill the goals and tasks on the new journey of the new era.

As long as we continue to adapt to changing circumstances and implement precisely-targeted policies, we have all the strengths to create a new development dynamic and gain a new competitive edge.

First, creating the new development dynamic is neither a passive response to pressure nor a stopgap measure, but a proactive move aiming to seize the initiative in development. Looking around, the other major economies are dominated by their domestic demand, with a smooth internal flow of production, distribution, circulation and consumption. China is now the world's second largest economy and largest manufacturing country. The need to adjust the relationship between the domestic economy and international engagement has become increasingly apparent. This was our primary consideration when we put forward this strategy. In the face of growing international instability and uncertainty, we should increase reliance on our domestic market, unleash the potential of domestic demand – which will reduce our exposure to external impacts and the effect of falling foreign demand – and ensure normal functioning of the economy and general stability in society in extreme circumstances.

Second, what we aim to create is an open development dynamic, rather than an enclosed domestic model. Our country is deeply integrated into the global economy. Its economy interacts with and is dependent on the industries of many other countries on a mutual basis. The internal and external markets are interdependent in a relationship of mutual reinforcement. Taking the domestic economy as the mainstay does not mean we run the economy behind closed doors. Instead, we will improve the interaction between domestic and international markets and increase our ability to participate in the allocation of global resources by unlocking the potential of domestic demand, attracting more global resources and factors of production into the domestic market, and taking full advantage of both domestic and international markets and resources. In doing so, we will gain a strategic edge in our opening up. We will not close our doors to the world; we will only open our doors even wider. We must understand the relationship between the domestic economy and the new development dynamic. We will take proactive and effective action to establish new mechanisms for a higher-standard open economy, and open up on a larger scale, across more areas and in greater depth.

Third, the new development dynamic must be built upon a unified national market, not on small and fragmented local markets. The Central Committee's strategy targets the whole country – it does not require localities to create an isolated dynamic within their respective province, city or county. Every area should find its own position and comparative strengths in the domestic economy and the double development dynamic, combine this strategy with other initiatives on regional development, coordinated development between regions, functional zoning and pilot free trade zones, and reach new heights in reform and opening-up. No one should try to build a small but all-inclusive dynamic, or to create regional barriers in the guise of internal economic flow. Areas where conditions permit may explore ways to facilitate the new development dynamic across the country as forerunners.

It is imperative to follow the new development philosophy in creating the new development dynamic. It has been five years since we put forward this philosophy. All sectors have reached agreement on this philosophy, and are applying it to the full in practice. Creating a new development dynamic is essential for applying the new development philosophy, which is determined by both historical trends and present needs. We should press forward in a holistic manner, be forward-looking, plan the broader picture, organize strategies, and implement them as a whole. We need to synergize policies, ensure mutual reinforcement of different sectors, and expand the application of the new development philosophy.

(Source: Part of Xi Jinping's speech at the second full assembly of the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China, October 29, 2020.)

This episode is presented by Jiao Yang