BEIJING, July 1 -- Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, called for intensified efforts in supply-side structural reform on Friday, in a speech at a rally marking the 95th anniversary of the founding of the CPC.

The economy should be developed in a more efficient, equitable and sustainable fashion and with higher quality, said Xi at the event in the Great Hall of the People in downtown Beijing.

China should foster an atmosphere in which the principles of innovation, coordination, green development, openness and sharing are upheld in order to expand economic power as well as overall national strength, he said.

Xi stressed that development is the top priority for the Party.

He defined completing the building of a moderately prosperous society by 2020 as a major task.

To achieve that goal, the nation has been advancing economic, political, cultural, social, and ecological progress, Xi said.