Xi reaffirms support for private sector

He stressed the need to guarantee a level playing field for private businesses and State-owned enterprises through laws and institutional arrangements, encourage the private sector and its enterprises to grow larger and further lift market expectations and confidence.

More effective measures must be adopted to support the growth of smaller enterprises and self-employed individuals, while platform companies will be encouraged to play a greater role in creating jobs, boosting consumption and in international competition, he said.

Xi encouraged private businesses to transform their pattern of growth, adjust their industrial structure, focus on their main business portfolios and follow a path of high-quality development.

Capable businesses should enhance their independent innovation and contribute more to the nation's science and technology self-reliance as well as the commercial application of research outcomes, he said.

To spur private investment, the government should attract the participation of more private investors to the construction of major projects and projects that are part of key industry and supply chains, he said.

Xi reiterated the need to ensure the healthy growth of capital in various forms, effectively prevent and defuse systemic financial risks and create a climate that ensures fair competition for businesses of various ownership types.

He explained that both SOEs and the private sector are key forces to promote common prosperity, and they must share social responsibility in this regard.

It is important for private business leaders to have a greater sense of responsibility and mission in promoting common prosperity, he said.