Seventh, we have introduced the new development philosophy. I proposed the idea of innovative, coordinated, green, open, and shared development at the Fifth Plenary Session of the 18th CPC Central Committee in October 2015. I noted that innovative development was focused on addressing the issue of growth drivers, coordinated development on redressing imbalances, green development on creating harmony between humanity and nature, open development on coordinating internal and external development, and shared development on ensuring social equity and justice. I stated that the introduction of the new development philosophy marked a fundamental change for the entire development context of our country.
Eighth, we have initiated supply-side structural reform. At the meeting of the Central Leading Group for Financial and Economic Affairs on November 10, 2015, I said that we should make great efforts to promote supply-side structural reform. I stated at the Central Economic Work Conference on December 18, 2015 that the five priorities in promoting supply-side structural reform were cutting overcapacity, reducing excess inventory, deleveraging, reducing costs, and strengthening areas of weakness. At the Central Economic Work Conference on December 19, 2018, I put forward the policy of consolidating the gains in the five priority tasks, strengthening the dynamism of micro entities, upgrading industrial chains, and ensuring unimpeded flows in the economy. I pointed out that this policy constituted a general requirement for furthering supply-side structural reform and spurring high-quality economic development both at present and in the period ahead.
Ninth, we must deal with unbalanced and inadequate development. At the 19th CPC National Congress held in October 2017, I concluded that the principal challenge facing Chinese society had evolved into one between unbalanced and inadequate development and the people's growing needs for a better life. I emphasized that this represented a historic shift that affected the whole landscape.
Tenth, we must deliver high-quality development. At the same congress, I pointed out that China's economy was transitioning from a phase of rapid growth to a stage of high-quality development. We arrived at this conclusion based on the change in the principal challenge facing Chinese society. In this stage, we need to follow the new development philosophy.
Eleventh, we must modernize our economic system. As I said in the same speech, this is both an urgent requirement for getting us smoothly through this critical transition and a strategic goal for China's development.
Twelfth, we have moved to create a new development dynamic that focuses on domestic economic flow and features positive interplay between domestic flow and international engagement. I put forward this concept at a meeting of the Central Commission for Financial and Economic Affairs on April 10, 2020.
Thirteenth, we have adopted a coordinated approach to development and security. I stressed at a group study session of the Central Committee Political Bureau on May 29, 2015 that we must firmly keep in mind the concept of ensuring security in development. On January 18, 2016, I analyzed the risks and challenges in four fields we faced on the path of open development at a seminar for provincial and ministerial level officials. On January 5, 2018, in a speech at a seminar for new members and alternative members of the CPC Central Committee and principal provincial and ministerial level leaders, I listed 16 risks in 8 areas that required our full attention. On January 21, 2019, we held a seminar for provincial and ministerial level officials on remaining mindful of worst-case scenarios and guarding against and defusing major risks. At the opening session of that seminar, I pointed out that we should guard against and defuse major risks in the political, ideological, economic, scientific and technological, and social domains and in China-US trade frictions, in foreign affairs, and within our Party. I also set forward clear requirements for these tasks, and emphasized the need to always maintain a high level of vigilance, remaining alert to "black swan" events and "grey rhino" risks.
In reviewing this course of events, I wish to underscore the theories and concepts on economic and social development that we have put forward since our Party's 18th National Congress in 2012. Of these theories and concepts, the new development philosophy is the most important. As a theoretical system, it addresses a series of theoretical and practical issues regarding our development goals, drivers, methods, and approaches, and delineates the major political issues with regard to our political stance, values, and model and path of development. The whole Party must fully and faithfully implement the new development philosophy on all fronts. In doing so, we should focus on the following points.