Scholars have joined millions of Chinese Internet users to interpret the "Chinese dream," a catchphrase that was recently used by the country's new helmsman, Xi Jinping, to describe the "great renewal" of the Chinese nation.

During a visit to an exhibition in Beijing on Nov. 29, Xi, general secretary of the Communist Party of China (CPC) Central Committee, said, "Realizing the great renewal of the Chinese nation is the greatest dream for the Chinese nation in modern history."

Wu Jianmin, a veteran diplomat and former president of the China Foreign Affairs University, said the Chinese dream is highly significant because it represents the aspirations of 1.3 billion people.

It is about the great cause of China's modernization and has a broad coverage of all social sectors, he said.

It is also a dream that has been and will be shared by the world. Since the country launched its reform and opening up in 1978, many foreigners have found opportunities in China and realized their dreams, Wu added.

"The Chinese dream is about solving China's problems," according to Zheng Bijian, former executive vice president of the Party School of the CPC Central Committee.

The Chinese can neither afford to dream of consuming 25 barrels of oil per person each year like the Americans, nor they can pursue their dream of development by colonization, he said.

"Fundamentally, the Chinese dream is about using a peaceful, civilized way to realize national development and the modernization of a socialist country," in Zheng's view.

If the Chinese dream needs to be fulfilled, the key lies in the ruling CPC, according to Liu Yunxian, a professor with the China Executive Leadership Academy-Pudong in Shanghai.

To realize the great rejuvenation of the Chinese nation, the CPC ought to comprehensively strengthen its capacity in governance and maintain its advanced nature and purity, he said.

Shortly after Xi's remarks, Internet users began to compare the "Chinese dream" with the "American dream," which is believed to mean equal opportunity for prosperity and success and an upward social mobility achieved through hard work for each individual.

While acknowledging the many similarities of the two belief systems, Web users contend the "Chinese dream" is distinguished from the "American dream" because it also suggests collective aspirations to work for a stronger country and realize the rejuvenation of a nation.

Netizens have also come up with their own versions of dreams that range from "less corruption," "a better life" to "a more polite society."

"My version of the Chinese dream is national prosperity, social progress and people's happiness," famous Chinese scholar Yi Zhongtian wrote in his microblog account at Twitter-like service Sina Weibo.

"We need a Chinese dream, but also more practitioners to fulfil it," he added.