President Xi Jinping stresses improving modern corporate system with Chinese characteristics

Chinese President Xi Jinping on Tuesday stressed efforts to improve the modern corporate system with Chinese characteristics and foster a globally competitive open environment for scientific and technological innovation.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, made the remarks while presiding over the fifth meeting of the central commission for deepening overall reform of the 20th CPC Central Committee, which he heads. 

The meeting deliberated and approved guidelines on optimizing the modern corporate system with Chinese characteristics, safeguarding grain-growing farmers' incomes, improving compensation mechanisms in major grain-producing areas, and building a globally competitive open environment for scientific and technological innovation.

Xi stressed the need to strengthen the leadership of the CPC, improve corporate governance and promote enterprises to establish a modern corporate system with clearly defined responsibilities and effective management to nurture more world-class companies.

Work must be done to motivate farmers to grow grains and spur local governments' enthusiasm for boosting grain production to ensure food security, he said.

It is also imperative to catalyze innovation through openness, Xi said, calling for opening up in the technology sector, building a globally oriented innovation system and actively participating in global innovation.

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.