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China's President Xi Jinping Pledges to Foster Global Tech Innovation Environment

President Xi Jinping promises to establish a globally competitive, open environment for technological innovation. The goal is to restore corporate confidence and stimulate fresh growth. Guidelines for enhancing farmer income guarantee mechanisms and building "modern corporates with Chinese characteristics" have been accepted.

The declaration comes as the country seeks to foster new sectors and address the issues facing its real estate sector.

During the fifth meeting of the Chinese Communist Party's Central Commission for Comprehensively Deepening Reforms, President Xi stressed the significance of creating an open environment for technological innovation. CCTV, the state media, said that he said, "[We] should continuously improve the scientific and technological security system and risk prevention mechanism, and consolidate the bottom line of security in an open environment."

In addition to the focus on tech innovation, the meeting also approved guidelines for improving the income guarantee mechanism for farmers and developing "modern corporates with Chinese characteristics." During the discussion, primary topics included ensuring food security and stabilising grain output.

Looking ahead, the ruling Communist Party's central committee will meet in July for a critical plenum. This will be the committee's third meeting since its election in 2022, with a primary focus on enacting reforms to address both internal and foreign concerns.

  • President Xi Jinping vows to create a globally competitive open environment for tech innovation.

  • The focus is on restoring business confidence and driving new growth.

  • Guidelines for improving income guarantee mechanism for farmers and developing "modern corporates with Chinese characteristics" were approved.


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