President Xi Jinping delivers a speech at a grand gathering to celebrate the 40th anniversary of China's reform and opening-up in Beijing on Tuesday. Here are the highlights:

Reform and opening-up a great revolution

The reform and opening-up is a great revolution in the history of the Chinese people and the Chinese nation, said Xi.

It is the great revolution that propelled a quantum leap forward in the cause of socialism with Chinese characteristics, Xi said.

Xi also said the reform and opening-up is a great reawakening of the Communist Party of China, nurturing great creativity in both theory and practice for the CPC.

Reform, opening-up 'milestone' in Chinese national rejuvenation

Xi called the pursuit of reform and opening-up and socialism with Chinese characteristics a milestone in realizing the Chinese nation's rejuvenation.

The founding of the Communist Party of China and the founding of the People's Republic of China were also the milestones on the way toward the great national rejuvenation in the modern times, Xi said.

They represented three historic events taking place after the May Fourth Movement in 1919, according to Xi.

China keeps improving people's well-being over past 40 years

China has lifted 740 million people out of poverty in the 40 years, reducing the poverty headcount ratio by 94.4 percentage points, Xi said.

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 people, Xi said.

The ratio of permanent urban residents in total population rose 40.6 percentage points to 58.52 percent during the period, he said.

"The country has maintained its social stability over a long period, making it one of the countries that provide the greatest sense of safety in the world," Xi said.

China has bid farewell to the problems that plagued its people for thousands of years, including hunger, shortage and poverty, Xi said.