Xi's political economy renews modernization drive

Common prosperity

According to Liu, of the Chinese Academy of Fiscal Sciences, in the past three or more decades, market reforms — mainly adjusting the relationship between government and the market — have built China into the world's second-largest economy. "It's like a human being having grown physically, but who is still in need of a healthy mentality and mature spirit," he said.

Liu believes that social reform should become an important part of the overall reform agenda. He stressed that economic, political, cultural reforms and ecological construction can only go forward when social reform improves, and that deepening social reform means pursuing socialist common prosperity and combining the market economy with common prosperity.

In his view, China's ability to lead civilization in the 21st century hinges on whether the country can realize common prosperity by letting the well-off help those who lag behind.

Hu, from Tsinghua University, echoed Liu's view, saying a society that features common prosperity will be characterized by common development, sharing the results of development and eliminating poverty.

China's pursuit of a commonly prosperous society has been reflected in the international arena, he said, adding that the nation and other countries form a community of shared interests and a shared future.

In the past three years, China has shared the experience of capital, technology and poverty-alleviation it has gained from the globalization process with other developing and underdeveloped countries through the Belt and Road Initiative and the establishment of the Asian Infrastructure Investment Bank, Hu said.

As Xi told the WEF meeting at Davos: "We are not jealous of other people's success, and we will not complain about others who have benefited so much from the great opportunities presented by China's development. We will open our arms to people from other countries and welcome them aboard the express train of China's development."