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China’s Xi Jinping promises to create a globally competitive environment for technological innovation

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BEIJING (Reuters) – China’s President Xi Jinping has vowed to create a globally competitive, open environment for scientific and technological innovation and expand international exchanges and cooperation, state media reported on Tuesday.

The comments come as the world’s second-largest economy seeks to foster new growth engines to restore business confidence after prolonged weakness in the real estate sector.

Speaking at the fifth session of the Central Commission for Comprehensively Deepening Reform of the Communist Party of China, Xi promised to create an open climate for technological innovation, state media CCTV reported.

“(We) should continuously improve the scientific and technological security system and risk prevention mechanism and consolidate security in an open environment,” CCTV said, citing the meeting.

The meeting also adopted guidelines on improving the income guarantee mechanism for farmers and developing “modern enterprises with Chinese characteristics”.

China will stabilize grain production and ensure food security, CCTV reported, citing the meeting.

The ruling Communist Party’s Central Committee will meet in July for a key meeting, known as a plenum, the third since the body of elite decision-makers was elected in 2022. The focus will be on reforms in the face of “challenges” at home and abroad.

(Reporting by Ellen Zhang, Amy Lv and Kevin Yao; Editing by Andrew Heavens and Shinjini Ganguli)

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