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President Xi Jinping

President Xi Jinping Stresses Modern Corporate System and Innovation in Reform Meeting

Beijing, June 11, 2024, The Europe Today: On Tuesday, Chinese President Xi Jinping emphasized the need to enhance the modern corporate system with Chinese characteristics and foster a globally competitive environment for scientific and technological innovation. Xi, who also serves as General Secretary of the Communist Party of China (CPC) Central Committee and Chairman of the Central Military Commission, made these remarks while presiding over the fifth meeting of the central commission for deepening overall reform of the 20th CPC Central Committee, which he heads.

During the meeting, the commission deliberated and approved guidelines focused on optimizing the modern corporate system with Chinese characteristics, safeguarding grain-growing farmers’ incomes, and improving compensation mechanisms in major grain-producing areas. Additionally, they discussed building a globally competitive environment for scientific and technological innovation.

President Xi underscored the importance of strengthening CPC leadership, improving corporate governance, and promoting the establishment of a modern corporate system with clearly defined responsibilities and effective management. These measures aim to nurture more world-class companies. He highlighted the necessity of motivating farmers to grow grains and encouraging local governments to boost grain production to ensure food security.

Xi also stressed the importance of catalyzing innovation through openness, advocating for opening up the technology sector, building a globally oriented innovation system, and actively participating in global innovation initiatives.

The meeting was attended by Li Qiang, Wang Huning, and Cai Qi, all members of the Standing Committee of the Political Bureau of the CPC Central Committee and deputy directors of the central commission for deepening overall reform.

The meeting emphasized that improving the modern corporate system requires respecting enterprises as key players in business activities, enhancing corporate governance in state-owned enterprises, and strengthening the supervision and management of state-owned capital. It also encouraged eligible private enterprises to build modern corporate systems.

Efforts to improve China’s comprehensive agricultural production capacity were highlighted, along with policies on pricing, subsidies, and insurance. The meeting called for a shared responsibility between China’s main grain-producing and grain-consuming areas to ensure food security and support for small farms and new agricultural business entities to link small farms with modern agricultural development.

The meeting stressed the importance of expanding global scientific and technological exchange to create cooperative, win-win partnerships. It also emphasized building an internationalized scientific research environment that attracts, retains, and fully utilizes talent, alongside improving mechanisms for sci-tech security and risk management.