Can China’s economy achieve sustained and stable growth? Can China continue to reform and open up? Can China avoid the middle income trap? These are the questions of “China’s economy” skeptics. “Actions speak louder than words,” President Xi said when addressing business leaders at the Business 20 summit, China’s actions have proved the skeptics on the world’s second-largest economy wrong.

Xi delivered a keynote speech at the opening ceremony of B20 on Saturday afternoon in Hangzhou. He said China is standing at a new historical starting point. At this new starting point, he stressed that China will deepen reform and strengthen economic and social development; that China’s economic development will adapt to the new normal and its economy will transform; and that China will interact with and open to the world on a deeper level. President Xi said the nation has the confidence and ability needed to maintain a medium-to-high level of economic growth, and that China will continue along its own development path while bringing more development opportunities to the world.

Xi said China has addressed the skeptics of China’s economy with practical action. Earlier this year, China issued the 13th Five-Year National Economic and Social Development Plan, centered on building a moderately prosperous society. The plan put forward five key concepts: innovation, coordination, green development, openness, and sharing, in order to make development balanced, coordinated, and sustainable. These five concepts are the essence of the plan.