BEIJING, Nov. 3 (Xinhua) -- An explanatory speech made by Xi Jinping on the Communist Party of China (CPC) Central Committee's proposals for formulating the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 was made public Tuesday.

File photo: Xinhua

Xi said that China's economy has the hope and potential to maintain long-term stable development.

It is "completely possible" for China to meet the current standards for high-income countries by the end of the 14th Five-Year Plan (2021-2025) period and to double the total economic volume or per capita income by 2035, he said.

Entrusted by the Political Bureau of the CPC Central Committee, Xi, general secretary of the CPC Central Committee, delivered the speech to the fifth plenary session of the 19th CPC Central Committee, which was convened from Oct. 26 to 29 in Beijing.

There will be many unstable and uncertain factors in the external environment in the coming period as many risks and hidden dangers may impact the domestic economic development, said Xi, adding that the COVID-19 pandemic has a far-reaching impact and the world economy may continue to suffer from a downturn.

He stressed that the medium- and long-term goals should pay more attention to the economic structure optimization so as to guide all parties to focus their work on improving the quality and efficiency of development. 

The proposals were adopted at the session.