The primary takeaways involve China’s military spending, development pattern and approach to relations with the United States. Both countries know that only by dealing with domestic issues will they be able to maximize their international role.

This year’s National People’s Congress was held at a historic juncture, with the country having largely achieved its goal of becoming a well-off society. GDP is rising to match the United States, and per capita income rose to more than $10,000. Absolute poverty in the country was eradicated. Here’s what it all means.

Because of its huge population and uneven development, China remains the largest developing country in the world. Everything is in transition. We ask that the country not be judged by imagination. Rather see it for what it is, in good faith. We are a hardworking nation setting great goals and striving to improve our lot.

China needs to lay solid groundwork for domestic development, achieve a stable and controllable production regime and master core technologies. At the same time is should unleash Chinese market demand, so it no longer has to depend on foreign markets.

The post-pandemic era provides paths that, if followed, will catapult the country into first place globally by mid-century. It will open wider, increase cooperation with international partners and make even greater contributions to the world economy.

China was the only major economy to experience positive economic growth in 2020. This reveals China’s place in the world and the financial systems that should be avoided for the global future.

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An increase in regulations on the fintech sector in China will cause small banks to suffer disproportionately as compared to larger banks throughout the country, in an already challenging financial atmosphere.

China’s economy seems largely to have bounced back from the COVID-19 shock. It registered 4.9% annual growth in the third quarter of 2020, and the rate may well exceed 5% growth in the fourth quarter. The result would be at least 2% annual full-year growth – not bad at a time when much of the world is facing a pandemic-induced recession. But that doesn’t mean smooth sailing ahead.

Be prepared, be equipped, no decoupling, no dependence — these are the keys to dual circulation. China’s development is entering a new period in which it will change its way of influencing the world. Tremendous opportunities will come for all.