The report to the 20th CPC National Congress makes it clear that achieving common prosperity for all is an essential requirement of Chinese modernization, and that China has come to a historical period when concrete measures can be taken to promote common prosperity with a well-researched and effective system. In the new journey of Chinese modernization, we must correctly understand productive forces and production relations, properly handle the relation between efficiency and fairness, and promote common prosperity with sound systems. Therefore, efforts must be made to create an institutional framework of common prosperity that involves three pillars—socialism with Chinese characteristics as the fundamental system, improving the efficiency and vitality of productive forces as the basic system, and preserving fairness and adjusting productive relations and income distribution as the foundational system. To succeed, we must do the following three things. First, we should uphold the system where the Party leads the country, and all our work and the people run the country. Second, we should improve the basic economic system in which public ownership is the mainstay, the high-level socialist market economy, related systems, to promote high-quality economic development, and auxiliary systems to realize common prosperity with the digital economy. Third, we should perfect the institutional arrangements related to primary, secondary, and tertiary income distribution.





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