The report drew up a road map of developing a modernized economy and socialist democracy, building stronger cultural confidence and improving the people's -well-being.

"We must regard as our goal the people's aspirations to live a better life," Xi said.

Having gained overwhelming momentum in its fight against corruption, the Party is determined to secure a "sweeping victory" over "the greatest threat" to the Party, he said.

According to Xi's report, China will set up a central leading group for advancing law-based governance in all areas, which is aimed at exercising unified leadership over the initiative to build the rule of law in China.

The CPC will take effective measures to prevent the loss of State assets, and ensure State assets "maintain and increase" their value, Xi said, while calling for furthering reform of State-owned enterprises.

Stressing it is imperative that China develop a modernized economy, Xi described supply-side structural reform as the main task, and urged more efforts for better quality, higher efficiency and more robust drivers of economic growth.

In his report, Xi reaffirmed China's commitment to building a community with a shared future for mankind. "No matter what stage of development it reaches, China will never seek hegemony or engage in expansion," he said.

Xi pledged that China will significantly ease market access, further open service sectors and protect the legitimate rights and interests of foreign investors.

China's socialist democracy is the broadest, most genuine and most effective democracy to safeguard the fundamental interests of the people, Xi said.

Li Zhongjie, former deputy director of the Party History Research Center of the CPC Central Committee, said Xi's report has drawn an overall blueprint for the country's development in the following decades.

Zhu Lijia, a professor of public administration at the Chinese Academy of Governance, said Xi's report has set the new orientation for the country's development, which "has historic significance".

The "Thought on Socialism with Chinese Characteristics for a New Era" is an important improvement on the theory of socialism with Chinese characteristics, which was put forward in the early 1980s, he said, adding that the judgment is based on China's domestic and international situation.