Xi vows for better legal environment for private enterprises

President Xi talks with representatives of China National Petroleum Corporation's (CNPC) Liaoyang Petrochemical Company, in Liaoyang, Liaoning Province, September 27, 2018. /Xinhua Photo

Chinese President Xi Jinping on Thursday called for better legal environment for enterprises owned by individuals, adding that the party will continue to unswervingly support and protect the development of private enterprises.

Xi made the remarks when visiting China Zhongwang Holdings Limited, the world's second largest industrial aluminum extrusion product developer and manufacturer. This was his third stop on his inspection tour in northeast China, traveling from the northernmost Heilongjiang Province all the way down to Liaoning Province.

"CPC's guiding principles are beneficial to the development of private enterprises," Xi said. "The private enterprises owners should also spare no effort in developing more first-rate products."

He hopes to see the owners make more contributions to the "two centennial goals," which aims to "build a moderately prosperous society in all respects." According to the official Xinhua, this will essentially make sure that "China's development improves the lives of all its people, particularly those who are below or near the country's poverty line."  

Earlier in the morning, he also paid a visit to China National Petroleum Corporation's (CNPC) Liaoyang Petrochemical Company, also in Liaoning Province.

The Chinese president reinforced China's firm adherence to its basic economic system, with public ownership playing a dominant role and diverse forms of property developing side by side. Thus, he hopes to see private enterprises prosper while making sure the development of state-owned companies.

He added that CPC's leading role towards state-owned companies should be upheld and any down-playing voices and thoughts towards state-owned companies are wrong.