Xi expounded on an anti-poverty theory with Chinese characteristics, including adherence to Party leadership, a people-centered development philosophy and a targeted poverty alleviation strategy.

"Facts have fully proved that the CPC has an unparalleled strong capacity in leadership, organization and execution, and the Party is the most reliable force of leadership in leading the people to conquer difficulties and blaze paths forward," he said.

China devoted a total fiscal investment of about 1.6 trillion yuan ($247.97 billion), including 660.1 billion yuan from the central budget, over the past eight years, which Xi said fully indicated a strong emphasis on the fundamental interests of the people.

The president also highlighted the importance of the targeted poverty alleviation strategy and leveraging development as a way to eliminate the causes of poverty.

With the establishment of a national poverty registration system, the nation was able to put forward a mix of policies that included tailored measures for different villages, households and individuals, he explained.

Even though the victory marked a solid step as the Party led the people toward better lives and common prosperity, Xi warned of formidable tasks ahead.

He reiterated the significance of aligning poverty alleviation outcomes with the rural vitalization strategy to make the foundation of the anti-poverty fight more stable and its outcomes more sustainable.

The Party will continue to see issues relating to agriculture, rural areas and farmers as a top priority, keep narrowing the divide between urban and rural areas and enable low-income groups and less developed areas to share the outcomes of growth, he said.