Leading companies to play bigger role in building modern socialist country

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.

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 modernizing 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.

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.