China is celebrating the 100th anniversary of the founding of its ruling Communist Party on Thursday. A ceremony to commemorate the occasion is being held at Tiananmen Square in Beijing.

In his speech, Chinese President Xi Jinping is expected to highlight the country's achievement in poverty reduction in rural areas, as well as national progress to underscore the legitimacy of its one-party rule.

China has realized the first centenary goal of building a moderately prosperous society in all respects, Chinese President Xi Jinping announced on Thursday.

President Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, made the remarks at the grand ceremony marking the centenary of the CPC in Beijing on Thursday.

"This means that we have brought about a historic resolution to the problem of absolute poverty in China, and we are now marching in confident stride towards the second centenary goal of building China into a great modern socialist country in all respects," Xi said.

President Xi Jinping, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, delivered an important speech in Beijing on Thursday at a grand gathering in celebration of the 100th anniversary of the founding of the CPC.

Xi said the CPC has united and led the Chinese people over the past 100 years for one ultimate theme – bringing about the great rejuvenation of the Chinese nation.

Xi announced that China has realized the first centenary goal – building a moderately prosperous society in all respects.

"This means that we have brought about a historic resolution to the problem of absolute poverty in China, and we are now marching in confident strides toward the second centenary goal of building China into a great modern socialist country in all respects," Xi said.

During the speech, Xi summed up four great successes achieved by the CPC in the past century.

Xi noted that the Party united and led the Chinese people in fighting bloody battles with unyielding determination, achieving great success in the new-democratic revolution.

The Party united and led the Chinese people in endeavoring to build a stronger China with a spirit of self-reliance, achieving great success in socialist revolution and construction.

The Party united and led the Chinese people in freeing the mind and forging ahead, achieving great success in reform, opening up, and socialist modernization.

The Party united and led the Chinese people in pursuing a great struggle, a great project, a great cause, and a great dream through a spirit of self-confidence, self-reliance and innovation, achieving great success for socialism with Chinese characteristics in the new era.

Xi said the great founding spirit of the CPC is the Party's source of strength.

He said the founding spirit, developed by the pioneers of communism in China, consists of the following principles: upholding truth and ideals, staying true to the original aspiration and founding mission, fighting bravely without fear of sacrifice, and remaining loyal to the Party and faithful to the people.

The Communist Party established the People's Republic of China under Chairman Mao Zedong.

The country began moving towards a market economy in 1978 under the banner of socialism. It became the world's number two economic power in 2010.

Since the leadership under President Xi came to power in 2012, China has strengthened the party's rule over wide areas of society, while expanding its international influence with its economy as the driving force. Beijing has also increased its maritime presence in nearby waters.

China Challenge

Meanwhile, China is facing challenges including an economic slowdown, rapid aging of the population amid low birth rates and rising tensions with the United States.

President Xi is apparently trying to use his speech to stress the importance of the party's rule in taking on such challenges and to solidify his government for the long term.

CGTN