Since the beginning of the 2018, China has held various programs to celebrate, analyze and comment on 40 years of reform and opening-up. The celebration culminated with the President Xi Jinping's speech at the Great Hall of the People in Beijing on Tuesday. The Chinese government and Communist Party of China (CPC) formally held grand celebration on the occasion of the anniversary. With more than 3,000 attendees at the event, President Xi said that reform and opening-up is a great revolution in the history of the Chinese people and the Chinese nation, which propelled a quantum leap forward in the cause of socialism with Chinese characteristics. He also told all Chinese officials and party cadres to be ready to tackle upcoming challenges and make the road clear for further productive reform and progress.

The journey of reform and opening-up formally began in December 1978 under the initiative of Deng Xiaoping. If we go back in history, China's GDP was the highest in the world before mid of the 18th century. Political-economist Adam Smith said, "China had long been one of the richest, that is, one of the most fertile, best cultivated, most industrious, most prosperous and most urbanized countries in the world". With the new political system established in China in 1949 under the leadership of Mao Zedong, it created the ground for political stability and order. Next important step was the initiative of leader Deng in 1978.

The journey of reform and opening-up actually began in two stages. First stage was the period of late 1970s and mid of the 1980s, with massive decollectivitazation of agriculture, creating environment for foreign investment and changing rules and laws to promote business and entrepreneurs. The second important stage began from late 1980s and early 1990s, which encouraged government and private enterprises, promote privatization in many sectors, attract huge FDI and increase cooperation with international companies and agencies. Deng's southern tour of early 1990s was strategic and significant event to further aggravate reform and increase confidence among officials and business circles.

Economists said that China's economic reform is a long-term plan to shift economic model from command to mixed economy. At his speech Xi assured all that economic reform will continue and China wants to contribute for global economic governance assuming its international responsibility. Socialism with Chinese characteristics is a milestone in realizing the Chinese nation's rejuvenation, said Xi. When we look back at the reform and opening-up, according to the available date, China has succeeded to uplift 740 million people out of poverty in the last 40 years, reducing the poverty headcount ratio by 94.4 percentage points. "The nation has built the world's largest social security system, with the basic old-age pension covering more than 900 million people and medical insurance covering over 1.3 billion" Xi said at the celebration.

In his speech Xi also took opportunity to talk on world peace and development. He stressed China's role in promoting peace and development in the world over the past 40 years. He reiterated the norms of community with a shared future for a mankind to harness global cooperation and harmony among world community. He said China's development has provided successful experience and offered the cause a bright prospect for other developing countries as they strive for modernization, representing a great contribution of the Chinese nation to the progress of human civilization. While analyzing the China's reform history, we cannot forget the role of Communist Party of China (CPC) and its millions cadres. Xi remembered them and talked about their hard work and discipline to make progress on the principle of socialism with Chinese characteristics. He called all cadres to uphold Marxism as the guiding ideology and move through pragmatically based on practice to generate new idea, vision and innovation. He also indirectly said to external critics that now no one is in a position to dictate to the Chinese people what should or should not be done.

As Xi said in his speech, interactions and comprehensive dialogue are important tools to sort out all forms of challenges in the world. "China has stayed committed to the fundamental national policy of opening up. China can not develop itself in isolation from the world, and the world needs China for global prosperity,” Xi said.

At the time of uncertainties in the world, with world watching China's comprehensive role, Xi's speech has succeed to make certain that China will further contribute to world's progress, peace and harmony. Time is again demanding collective approach to overcome from the pertinent challenges of the world. Xi's speech has left positive vibe to do more for the sake of the world.

Buddhi Prasad Sharma is a PhD scholar at Communication University of China. He is also the President of Himalaya Dialogue and Leadership Foundation.