Chinese President Xi Jinping on Tuesday stressed promoting common prosperity through high-quality development while calling for coordinated efforts to prevent and defuse major financial risks.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee, made the remarks when chairing the 10th meeting of the Central Committee for Financial and Economic Affairs.

Further promoting common prosperity

Noting that common prosperity is an essential requirement of socialism as well as an important feature of Chinese modernization, Xi stressed adhering to a people-centered development philosophy and called for efforts to achieve common prosperity through high-quality development.

Winning the tough battle against poverty and completing the building of a moderately prosperous society in all respects have created favorable conditions for common prosperity, according to a meeting document.

As China is moving toward the second centenary goal of building China into a great modern socialist country in all respects, promoting common prosperity is of great importance when adapting to the changes in the principal contradiction facing Chinese society and better meeting the people's growing needs for a better life, the document read.

To further promote common prosperity, correctly handling the relationship between efficiency and fairness was highlighted at the meeting. China will strive to increase the income of the low-income group and expand the middle-income group, it added.

China will speed up the improvement of the socialist market economy, make regional development more balanced, coordinate industrial development, and support the development of small and medium-sized enterprises, according to the meeting.

Efforts in comprehensively promoting rural vitalization, strengthening rural infrastructure and public service system, and improving rural living environment are also stressed in achieving the goal.

Preventing and defusing financial risks highlighted

As finance is at the heart of a modern economy, Xi highlighted the principle of market-based and law-based governance when preventing and defusing financial risks.

He called for coordinated efforts to merge the foundation for financial stability, strike a balance between maintaining steady growth and preventing risks, and strengthen the momentum of economic recovery.

Noting that preventing financial risks is one of the "three tough battles" together with reducing poverty and tackling pollution, the meeting document said that progress has been made in the critical battle to forestall and defuse major financial risks, which effectively safeguarded China's economic and financial stability and the safety of people's property.

The country should deepen the construction of the credit system, and give full play to the basic role of credit in the identification, monitoring, management and disposal of financial risks, according to the meeting.

A report on the issue of promoting common prosperity and a report on preventing and defusing major financial risks and ensuring financial stability and development were heard at the meeting.