Economic key points in Party Congress opening speech

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Xi Jinping, General Secretary of the Communist Party of China Central Committee, said Wednesday morning in the opening speech of the 19th CPC National Congress that China will deepen supply side reform in the coming years, build a modern economic system that focuses on the growth of the real economy and emphasizes the quality of growth.

Technological advancement is also a high priority. Xi said China will speed up the process of becoming a country of innovation, by increasing R&D input on leading technologies and conducting fundamental research on emerging sciences.

He also focused on the rural economy, saying strengthening this sector is a priority for China as so many livelihoods depend on it.

Xi mentioned that to secure China's food supply and the jobs of farmers, the government will extend all farmland contracts for 30 years after their expiration and will provide additional support for farmers.

China will continue to implement regional development strategies, as unbalanced development has become an obstacle for the development of people's lives.

Xi said the government will provide more assistance to ethnic groups living in western China and in border areas.

He said the government will also speed up development in those areas, lifting more people out of poverty. Meanwhile, Xi also said that China's industrialized northeast will also receive additional help to rejuvenate its manufacturing sector.

China will accelerate the building of a completely socialist market-oriented economy, adding that property protection would be one of the keys to success.

In addition, he said that the market will always reflect prices accordingly, with fair competition in place.

Looking forward, Xi said that China's doors will be even more open in the future, and the country will use the Belt and Road Initiative as the cornerstone to develop the country, while employing the principle of cooperation to develop overseas.