In the present stage of China's development, the most important task in promoting smooth economic flow is maintaining effective and smooth operations on the supply side. If we have a strong capacity to provide effective supply, we can clear obstructions and bottlenecks in economic flow, enabling us to create jobs and provide income, which will further boost our country's capacity to create demand. As such, we must take furthering supply-side structural reform as our main task, and continue to carry out the priority tasks of cutting overcapacity, reducing excess inventory, deleveraging, lowering costs, and strengthening areas of weakness. We need to comprehensively improve and upgrade the industrial structure, enhance our innovation capacity, competitiveness, and overall strength, increase the resilience of the supply system, and ensure inputs produce higher-quality outputs with greater efficiency, so as to achieve a dynamic economic equilibrium at a high level.

I have previously mentioned that the essence of the new development dynamic is realizing a high level of self-reliance. Currently, the environment for our economic development is changing, particularly with respect to our comparative advantages in production factors. Because labor costs are rising and the carrying capacities of our resources and environment have reached a limit, the production function formula of the past is no longer sustainable, and science and technology are becoming more and more important on all fronts. Under such circumstances, it is important to put more emphasis on independent innovation. As a result, the Recommendations for Formulating the 14th Five-Year Plan for Economic and Social Development and Long-Range Objectives through the Year 2035 put forward two major measures of promoting scientific and technological innovation and removing bottlenecks in industry. We must understand these issues as being vital to the survival and development of our nation. We should comprehensively strengthen planning for scientific and technological innovation to bring together superior resources, and implement the mechanism to competitively award research projects in order to promote strong and steady progress in innovation. We must better align the chains of innovation and industry, and draw up roadmaps, timetables, and systems of responsibility. Where appropriate, relevant departments and local governments should play the leading role in this regard. Where it is appropriate for enterprises to take the lead, governments should give them their full support. Central government enterprises and other state-owned enterprises must have the courage to shoulder the responsibility and take the lead in turning themselves into the source of original technologies and the head of the modern industrial chain.

In today's world, markets are the scarcest resource. China's market is thus a huge advantage of our country. We must make full use of this factor and continuously consolidate it to make it a strong pillar for creating a new development dynamic. Expanding domestic demand is not a temporary policy to cope with financial risks and external shocks, nor is it about unleashing a deluge of strong stimulus policies or increasing government investment. Rather, it is about establishing an effective system to boost domestic demand based on China's actual economic development, moving to tap the potential of demand, working faster to build a complete demand system, strengthening demand-side management, and expanding consumer spending while also upgrading the level of consumption, so that the development of our vast domestic market becomes a sustainable historical process.

To create a new development dynamic and pursue high-standard opening up, we require robust domestic flow and stable economic fundamentals. On this basis, we can create a strong gravitational pull for global production factors and resources, a strong ability to hold our own amid intense international competition, and powerful momentum for the allocation of global resources. We should continue to deepen opening up based on the flow of production factors such as goods, services, capital, and personnel, and steadily expand institution-based opening up with regard to rules, regulations, management, and standards. We should see that China's domestic circulation plays a stronger guiding role in dual-flow dynamics and foster new advantages for China's participation in international economic cooperation and competition. We should work to harness international flow as a means for improving the efficiency and level of domestic flow and the quality and allocation of our production factors. Through competition in the international market, we should boost the competitiveness of our export products and services, and promote industrial transformation and upgrading to increase China's influence in global industry chains, supply chains, and innovation chains. Chinese enterprises now have interests that extend to many countries around the world. This requires that we pay more attention to understanding international affairs and carrying out thorough studies on stakeholders, trading partners, and investment destinations, in order to establish a clear picture of potential benefits and risks.

To sum up, entering a new stage of development, applying a new development philosophy, and building a new development dynamic are determined by the logic of China's economic and social development theory, history, and practices. These three elements are closely interrelated. Our entry into the new development stage clarifies the historic juncture that national development has reached, the new development philosophy makes clear the guiding principles behind our modernization drive, and the new development dynamic elucidates the path that will take us to economic modernization. An understanding of the new development stage will provide us with the practical basis for applying the new development philosophy and creating a new development dynamic. The new development philosophy will provide us with a guide for understanding the new development stage and creating a new development dynamic. Creating a new development dynamic, on the other hand, is a strategic choice regarding our response to the opportunities and challenges in the new development stage and the implementation of the new development philosophy.