Xi Jinping Stresses Scientific Innovation and China’s Need for a “Modern Economic System”

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President Xi Jinping said that the creation of a “modernised economic system is the strategic aim for China’s development,” as well as stressed the importance of scientific and technological innovation and new technologies such as big data and artificial intelligence.

In a speech delivered at a study session on “the creation of a modern economic system” held by the Chinese Communist Party’s Politburo on 31 January, Xi said that “in order for the nation to be strong, the economic system must be strong.”

“Only by forming a modernised economic system will it be possible to better adapt to modernised development trends and win international competitive pro-activeness, or be possible to provide vigorous supports to modernisation in other spheres,” said Xi,¬†according to a report by the state-run Xinhua News Agency.

“We must accelerate the establishment of a modernised economic system in accordance with the needs for the establishment of a strong, modernised socialist nation.”

Xi’s speech emphasised the importance of innovation and technology in China’s economic ¬†development, alongside finance and free markets.

“[We] must establish an industrial system guided by innovation…[and] continually raise the contribution made by scientific and technological innovation to the development of the real economy, continually lift the ability of modern finance to service the real economy, and continually optimise the role of human resources in supporting the growth of the real economy.

“[We] must establish a unified and open, competitive and orderly market system, achieve smooth market entry approvals, an open and orderly market, a market with ample competition, and accelerate the formation of a modern market system in which enterprises engage in independent operation and fair competition, consumers engage in free choice and independent consumption, and goods and factors are freely and smoothly exchanged on equal terms.

“The real economy is the core of a national economy’s establishment, the essential wellspring of wealth creation, the key support for national strength and prosperity…[we] must deepen supply-side structural reforms, accelerate the development of advanced manufacturing industries, and promote the in-depth integration of the Internet, big data and artificial intelligence with the real economy.”

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