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.

Capital is a key factor of production in the socialist market economy, and we should regulate and guide the use of capital within this context. This is an economic as well as a political issue of both practical and theoretical significance. It concerns the basic socialist economic system, the fundamental state policy of reform and opening-up, high-quality development, common prosperity, national security and social stability. Therefore, we must have a deeper understanding of all types of capital and their functions, ensure their healthy growth through regulation and guidance, and promote their constructive role as a key factor of production.

We should properly manage the operation of capital and distribution of gains. The socialist nature of our country determines that we must adopt multiple forms of distribution with "to each according to their work" as the principal form, and implement the principle of putting people first in social distribution. We should make economic development benefit more people and ensure fairness in primary distribution. While supporting capital growth and value addition in the process of social distribution, we should, more importantly, respect the underlying principle of "to each according to their work." Development is for the people and by the people, and its benefits should be shared by the people. In this way, we will remain committed to the path towards common prosperity.

We should continue to reform the capital market. We should further improve the fundamental institutions of the domestic capital market, and better leverage its role to create greater space for the growth of all types of capital. We should improve the system of property rights protection, fully implement relevant policies and policy reviews to ensure fair competition, and remove market barriers, providing all types of capital with equal access to orderly competition and fair opportunities to participate. We should improve the institutions of the open economy, pursue high-standard opening up and facilitate investment. With an enabling market environment, we will be able to attract more international capital to our country for investment and business growth. We should support and encourage domestic capital and enterprises to go global.

We should regulate and guide the growth of capital. We should set up "traffic lights" for capital flows by improving relevant laws, and developing a complete and cohesive framework of well-conceived rules and systems. To protect property rights, respect contracts, unify the market, and ensure equal exchange, fair competition and effective regulation, we should enact, amend, repeal or interpret relevant laws and regulations to address prominent problems. We should maintain strict controls on capital market access, improve relevant institutions, and make the negative list for market access more precise and appropriate. We should improve the rules for capital operations. We must strengthen regulation and law enforcement against monopolies and unfair competition, and punish abuses of a dominant market position and other illegal activities in accordance with the law. We should advocate a healthy culture of credibility and integrity, and encourage players in the capital market to practice the core socialist values, uphold business ethics, and fulfill their social responsibilities.

We should combat capital-related corruption. We must maintain a tough stance against corruption, strike hard at profit-driven abuses of power, and punish corruption behind disorderly expansion of capital and platform monopolies.

(Source: Xi Jinping's speech at the 38th group study session of the Political Bureau of the Communist Party of China Central Committee, April 29, 2022.)

This episode is presented by Li Jianhua