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 and to see how the country can fulfill the goals and tasks on the new journey of the new era.

With a comprehensive analysis of the domestic and international situation, we are still in an important period of strategic opportunity which will continue, but the challenges and opportunities keep changing. When we first spoke of a period of strategic opportunity, we referred to the first two decades of this century. Now, after 20 years, how shall we address new challenges and opportunities? This is a major issue we need to consider. In the past it was easier to seize the opportunities as we sailed with the current; it has become harder now as we are moving forward against the wind. It was not difficult to identify risks and challenges in a relatively stable environment; now we are facing a volatile and complex global situation. Geopolitical challenges, like high waves, submerged reefs and numerous undercurrents, require us to better adapt to changes. In the past, our lower-level development could be seen as more complementary to other countries; now at a much higher level, we have become more competitive with others.

Therefore, our judgment is that there currently exist both crises and opportunities. Opportunities are nurtured in crises, and crises can turn into opportunities. The opportunities are more strategic and promising; the challenges are more complex and bear on our overall situation. The challenges are unprecedented, but they can turn into extraordinary opportunities if we respond with ingenuity.

In short, the 14th Five-Year Plan period (2021-2025) will be a critical time for China. To achieve further and greater development, we should seize opportunities while guarding against potential risks. We should accurately understand the current changes we face, seize the initiative in building an effective response and ultimately be the ones to seek change. We should be bold and set our sails for a headwind, and be ready to turn crises into opportunities. On the journey towards a modern socialist country in all respects, a great beginning beckons.

(Source: Extract from Xi Jinping's speech at the second full assembly of the Fifth Plenary Session of the 19th CPC Central Committee, October 29, 2020.)

This episode is presented by Michael Wang.