As pointed out in the Report to the 20th National Congress of the Communist Party of China (CPC), the next five years (2022–2027) will be crucial for beginning to build a modern socialist country in all respects. Firstly, the next five years will be a period of historical transition in the central task of the CPC. The central task of the CPC will be to realize the Second Centenary Goal of building China into a great modern socialist country in all respects. At this crucial stage for getting our efforts off to a good start, China should understand and pursue the Five-Sphere Integrated Plan to advance the rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization. Secondly, the next five years will be a period of deep reform in which strategic opportunities, risks and challenges are concurrent. Alongside a new round of scientific and technological revolution and industrial transformation well underway, the new principal contradiction facing Chinese society, a historical transition in the central task of the CPC, and a shift in the international balance of power, profound and complex changes are taking place in China’s internal and external environment for development. Uncertainties and unforeseen factors are rising and must be dealt with appropriately. Thirdly, the next five years will be a key period of achieving China’s overall development objectives for 2035. It is a paramount stage of meeting the 14th Five-Year Plan goals, formulating the 15th Five-Year Plan goals, and realizing Chinese modernization by 2035. China should uphold the CPC’s overall leadership, follow the path of socialism with Chinese characteristics, apply a people-centered development philosophy, remain committed to deepening reform and opening up, and carry forward our fighting spirit. Fourthly, the next five years will be a crucial period of accelerating the creation of a new pattern of development and pursuing high-quality development. Chinese modernization should be advanced through a series of strategic initiatives, such as building a high-standard socialist market economy, modernizing the industrial system, propelling rural revitalization across the board, promoting coordinated regional development, and boosting high-standard opening up. Fifthly, the next five years will be an impact period of unprecedented downward pressure on the national economy under various factors and risks beating expectations. In order to achieve the 14th Five-Year Plan goals and the overall development objectives by 2035, it is necessary to defuse the threefold pressure composed of increasing demand shrinkage, supply shocks and flagging market expectations, as well as intensifying potential risks. To accomplish the main objectives and tasks for the next five years, it is necessary to observe objective laws, apply the new development philosophy, continue to pursue economic development as central task, adopt system-based thinking, take steady steps to sustain progress, and promote high-quality development in a scientific and effective manner.