The brave transformation also made China the world's fourth powerful economy in terms of gross domestic product, with 24.95 trillion yuan (US$3.6 trillion) in 2007 from 364.5 billion yuan, Hu said.
The Chinese president said the feat of feeding 20 percent of the world's population is quite a contribution to the world, with the personal disposable income rising from 343 yuan to 13,786 yuan. The existing population in poverty greatly shrank to 14 million, from 250 million in 1978.
Hu said China has vigorously pushed forward the socialist democratic politics, featuring the parliamentary system of the National People's Congress, the political consultation arrangement under the CPC leadership, the autonomous governance mechanism in areas populated by ethnic groups, as well as the socialist legal system with Chinese characteristics.
Hu said the pursuit of advanced socialist spirits and culture helped increase cohesion in hearts and minds among the whole Chinese nation.
The government spared no efforts to bettering social welfare, including free nine-year compulsory education, the medical care network and reliable social security, Hu said.
Hu, also chairman of the Central Military Commission, said the CPC leadership in the armed forces has to be insisted on and the People's Liberation Army (PLA) would take more missions in protecting national security, building the country and playing decisive roles in disaster relief.
Hu hailed significant steps in achieving the reunification under the principle of "one country, two systems." With that policy in effect, Hong Kong and Macao are keeping themselves stable and prosperous. After the historic removal of ban on direct links between the mainland and Taiwan, the cross-Strait relations is showing a new prospect.
Hu said the independent foreign policy of peace helped China forge comprehensive ties with developed countries and amiable relations with neighboring countries.
Hu said the CPC has to strictly discipline itself and improve its capability in good governance, corruption resistance and risk control.
He reiterated the principled guidance for a secure and prosperous future.
The first and foremost is to stick to the combination of the Marxist principles and the sinified Marxism, in order to provide theoretical guiding for new rounds of reform and opening.
Secondly, the correct direction of the reform and opening must be steered, with economic construction at the core of the process that combines the Four Cardinal Principles and the reform and open-up policy.