China should stick to its basic socialist economic system: Xi Jinping

China must unswervingly strengthen and develop the public sector and also unswervingly encourage, support and guide the development of the non-public sector, Mr. Xi said.

Updated - November 17, 2021 01:46 am IST

Published - March 04, 2016 07:59 pm IST - Beijing

China's President Xi Jinping (R) and Premier Li Keqiang attends the opening session of the Chinese People's Political Consultative Conference on Thursday in Beijing, China.

China's President Xi Jinping (R) and Premier Li Keqiang attends the opening session of the Chinese People's Political Consultative Conference on Thursday in Beijing, China.

Grappling with sluggish growth, President Xi Jinping on Friday said China should adhere to its basic socialist economic system while strengthening and developing both public and non-public sectors of the world’s second largest economy.

Mr. Xi made the remarks during a panel discussion of political advisors from the China Democratic National Construction Association and the All-China Federation of Industry and Commerce during the ongoing annual session of the Chinese People’s Political Consultative Conference National Committee.

The implementation of such a basic economic system is a major political policy decided by the Communist Party of China (CPC).

China must unswervingly strengthen and develop the public sector and also unswervingly encourage, support and guide the development of the non-public sector, Mr. Xi said.

The country remains committed to creating a favourable environment for the non-public sector, he said.

Despite a complex international situation and daunting domestic reform tasks, China, acting under the guidance of the “Four Comprehensives”, has met the major goals set for last year and the country’s 12th Five-Year Plan (2011—2015) came to a successful completion, Mr. Xi was quoted as saying by the state-run Xinhua news agency.

He said the achievements were hard won, reflecting “the strong leadership of the CPC Central Committee, the unity and efforts of the people and the wisdom of non-Communist parties, the All-China Federation of Industry and Commerce and the political advisors.”

The “Four Comprehensives” strategy means comprehensively completing the building of a moderately prosperous society, deepening reform, advancing the rule of law and strictly governing the CPC.

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