China's political advisors meet on high-level socialist market economy

The seventh meeting of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body, opened in Beijing on Tuesday, focusing on building a high-level socialist market economy system.

Wang Huning, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the CPPCC National Committee, presided over the opening meeting.

Ding Xuexiang, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and vice premier, was invited to attend the meeting and delivered a report.

Wang called on the national political advisors to carry out in-depth consultations and put forward suggestions on building a high-level socialist market economy system, and contribute wisdom and strength to advancing the great rejuvenation of the Chinese nation on all fronts through Chinese modernization.

In delivering a report, Ding stressed efforts to encourage state-owned capital and state-owned enterprises to grow stronger, better and bigger, and provide a sound environment and more opportunities for the non-public sector.

It is important to speed up the development of a unified national market, improve fundamental market economic systems such as property-rights protection, market access, fair competition and social credit, and build a high-standard market system, he said.

He called for giving full play to the strategic guidance of national development plans and strengthening coordination between fiscal and monetary policies, so as to promote sustained and sound economic development.

"We will take more initiative to align with high-standard international economic and trade rules, steadily expand institutional opening-up, and foster new advantages in global economic cooperation and competition," he said.

The political advisors listened to reports on a number of topics, including the transformation and upgrading of traditional manufacturing industries, the construction of water conservancy infrastructure for better production capacity in agriculture, and green and low-carbon transformation of industries.

The meeting will last for two and a half days. The political advisors will conduct group discussions on seven topics.