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Foster world-class enterprises: Xi

Foster world-class enterprises: Xi

Synopsis

Leading companies to play bigger role in building modern socialist country

Foster world-class enterprises: Xi
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President Xi Jinping has urged efforts to speed up fostering world-class enterprises to play a bigger role in the country’s march toward the second centenary goal of fully building a modern socialist country.

Xi, who is also general secretary of the Communist Party of China Central Committee, made the remark on Monday while presiding over a meeting of the Central Committee for Deepening Overall Reform.

World-class enterprises are those with superb products, excellent brands and have cutting-edge innovation and modern governance said Xi, who is director of the committee.

Stressing the overall leadership of the CPC in developing a high-level socialist market economic system, he said that China will unswervingly consolidate and develop the public sector of the economy. It will also encourage, support and guide the development of the non-public sectors of the economy.

Participants in the meeting said leading businesses in some industries have already achieved relatively strong global competitiveness thanks to a series of policies and measures the CPC Central Committee has introduced to promote the healthy development of various enterprises.

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They urged efforts to guide leading companies and technologically advanced enterprises to deepen reform and strengthen innovation.

Companies should be encouraged to actively introduce innovations to their technology, management and business models, the participants said.

They stressed strengthening the real economy and modernising industrial chains in order to build products and services that are globally competitive.

Participants also highlighted the need to support enterprises’ better use of domestic and international markets as well as their resources to transform the country’s huge advantage in domestic market demand into global competitiveness.

The government should improve its supervision and service efficiency to protect and stimulate enterprises’ vitality. The market environment should also be safeguarded through fair competition so a greater number of “excellent companies” stand out from their competitors, they said.

Since the 18th CPC National Congress in 2012, State-owned enterprises have actively served national strategic needs and played important roles in areas such as promoting socioeconomic development, combating the pandemic and staging the Beijing Winter Olympics, they said.

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Efforts should be made to build State-owned enterprises into producers of original technologies, they said.

During the meeting, Xi also stressed strengthening the cultivation of talent in basic academic disciplines, which are urgently needed for the country’s innovation development.

Participants said that China, with the world’s largest higher education system and broad scope for career development, is fully capable of continuously fostering talented people and cultivating highly skilled individuals.

Economic thought

China has seen a phenomenal transformation in its economic landscape since the end of 2012 with the strength, scale and span all recording unprecedented changes.

China’s GDP is around 53.858 trillion yuan in 2012, accounting for about 11.5 per cent of the global total. Almost a decade later, the country’s GDP surpassed 110 trillion yuan in 2021, contributing over 30 per cent to world economic growth.

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China’s economic miracle did not happen by chance. It testifies to the vitality and effectiveness of China’s socialist economy under the guidance of Xi Jinping’s economic thought.

Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era unveiled at the Central Economic Work Conference in December 2017 is mainly based on the new development philosophy put forward by Xi in 2015 and features innovative, coordinated, green, open and shared development.

When Xi took office as general secretary of the Communist Party of China (CPC) Central Committee in 2012, China’s economic strength significantly stood out after more than 30 years of reform and opening up. Yet, challenges, including downward pressure on the economy, wealth disparities and environmental damages, cannot be ignored. A more scientific top-level approach was needed.

In 2015, Xi put forward a new development philosophy featuring innovative, coordinated, green, open and shared development, which set a fundamental guideline for China’s economic development as the core of Xi’s economic thought.

Two years later, at the 19th CPC National Congress, Xi made an important judgment that the country’s economy was transitioning from a phase of rapid growth to a stage of high-quality development.

Since then, high-quality development has been taken as the fundamental requirement for authorities to make economic policies and exercise macroeconomic control.

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Xi’s economic thought reflects the leadership’s growing understanding of the laws of economic and social development and is regarded as a Chinese model of modernisation characterised by an innovative, coordinated, green, open and shared development path.

Xi’s economic thought comprises a series of principles. One of the principles is to remain committed to a people-centred philosophy of development, in line with which reforms have been advanced in all areas of public concern, including education, healthcare and social security.

A monumental anti-poverty campaign was launched on a scale unseen anywhere in the world. Back in 2012, there were nearly 100 million Chinese living under the poverty line. In February 2021, China declared the elimination of absolute poverty, lifting the final 98.99 million rural poor out of poverty.

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