A new era for China is here and why it matters

Xi Jinping delivered an important report to the 19th National Congress of the Communist Party of China on October 18, which will guide the Party and the nation for the next five years and beyond. One thing that stood out was that China had entered a “new era.” Socialism with Chinese characteristics has crossed the threshold into a new era, Xi said.

The reason why this is a new era is because China has made remarkable achievements. China has become a global leader in terms of economic and technological strength, defense capabilities, and comprehensive national strength. China has lifted more than 700 million people out of poverty since the launch of reform and opening up some 40 years ago, and the goal of building a moderately prosperous society is well within reach. In less than 70 years, the People’s Republic of China has stood up, grown rich, and become strong.

The start of a new era indicates that a more confident and aspirant China will begin to embark on a new journey from a fresh starting point. But the judgment is also grounded on the evolution of the main contradiction facing Chinese society. In this new era, the Party aims to solve the contradiction between unbalanced and inadequate development and the people’s ever-growing needs for a better life by adopting a more comprehensive and balanced development approach.

Xi outlined two stages for national modernization. In the first stage from 2020 to 2035, the Party will build on the foundation created by the moderately prosperous society with a further 15 years of hard work to basically realize socialist modernization. In the second stage from 2035 to the middle of the 21st century, the Party will work hard for a further 15 years and develop China into a great modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious, and beautiful.

China’s entry into a new era is also why all eyes are on Beijing. As Xi pointed out, “No country can alone address the challenges facing the world today.” To build a new type of international relations with win-win cooperation at the core, Xi said that China will hold high the banner of peace, development, and win-win cooperation, maintain world peace and promote common development, and develop friendly cooperation with all countries on the basis of the Five Principles of Peaceful Coexistence.

China's rise should be seen as a huge opportunity rather than a challenge. China is committed to promoting an open economy and free trade, and in the process, the world will be introduced to more Chinese solutions for global problems. China is a rising tide that is lifting all boats. In many ways, China's future is the world's future.

A new era for China is here and why it matters