A paraphrase is defined as "express the meaning (the writer of speaker) using different words, especially to achieve greater clarity".
Essentially, it means telling the meaning or purpose of a story - the underlying message. Keeping it short and simple.
A summary is defined as "a brief statement or account of the main points of something" or to "dispose of needless details". Meaning you get the jest and basic information of the writing, but not miniscule details that prolong the reading. I hope this helps.
