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China's economic recovery
EconomyChina Economy

China signals economy is priority as Xi Jinping meets business leaders ahead of key party meeting

  • President calls for deepened reforms to address economic woes and says country should pursue ‘goal- and problem-oriented’ approach
  • He was addressing a meeting in Jinan attended by entrepreneurs including Fung Group chairman Victor Fung and economists

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President Xi Jinping visits the port of Rizhao in Shandong province on Thursday. He also stopped in Jinan, meeting business leaders there. Photo: Xinhua
Frank Chenin ShanghaiandFrank Tangin Beijing
President Xi Jinping has called for deepened reforms to address the country’s economic problems during a meeting with the bosses of state-owned firms, private entrepreneurs and overseas investors.
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“We must resolutely eliminate the ideological concepts and institutional shortcomings that hinder the advancement of Chinese-style modernisation,” Xi told the meeting in Jinan, during a visit to the eastern province of Shandong on Thursday.

“We must pursue an approach that is both goal- and problem-oriented to solve problems … focus on deep-seated institutional obstacles and structural issues.”

It was the most pro-business message delivered so far by the top Chinese leadership ahead of a key Communist Party meeting in July – the third plenum – when the country’s leaders are expected to map out new reform agendas and set the course for future growth.

Describing reform as the driving force for development, Xi said China’s basic economic system must be upheld and it must strive to build a high-level socialist market economic system.

Xi Jinping described reform as the driving force for development. Photo: dpa
Xi Jinping described reform as the driving force for development. Photo: dpa

“We must build a system that can push forward high-quality development, support comprehensive innovation and an integrated urban and rural development. Also it must be able to further boost productive forces and enhance social vitality,” he said.

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