2nd Ld-Writethru: Xi underscores adherence to China's basic economic system

China should adhere to its basic economic system, with public ownership playing a dominant role and diverse forms of ownership developing side by side, President Xi Jinping said on Friday.

Xi made the remarks at a panel discussion of political advisors from the China Democratic National Construction Association and the All-China Federation of Industry and Commerce during the ongoing annual session of the Chinese People's Political Consultative Conference National Committee.

The implementation of such a basic economic system is a major policy decided by the Communist Party of China (CPC). China must unswervingly strengthen and develop the public sector and also unswervingly encourage, support and guide the development of the non-public sector, the president said.

China remains committed to creating a favorable environment for the non-public sector, Xi said.

The political advisors discussed issues related to the promotion of supply-side structural reform, the protection of intellectual property rights, cutting corporate costs and improving technological innovation.

Xi said advisors have offered some very good suggestions and asked relevant departments to carefully study them.

Despite a complex international situation and daunting domestic reform tasks, China, acting under the guidance of the "Four Comprehensives," has met the major goals set for last year and the country's 12th Five-Year Plan (2011-2015) came to a successful completion, Xi said.

He said the achievements were hard won, reflecting "the strong leadership of the CPC Central Committee, the unity and efforts of the people and the wisdom of non-Communist parties, the All-China Federation of Industry and Commerce and the political advisors."

The "Four Comprehensives" strategy means comprehensively completing the building of a moderately prosperous society, deepening reform, advancing the rule of law and strictly governing the CPC.

Xi thanked the China Democratic National Construction Association and the All-China Federation of Industry and Commerce for their in-depth research and suggestions on issues such as the Yangtze River Belt development, targeted poverty alleviation, the Belt and Road Initiative and small enterprises incentives.

The public and non-public sectors, both significant components of China's socialist economic system, should complement each other, Xi said.

China protects property rights and interests of all kinds of ownership to stimulate vitality and creativity, Xi said.

China has rolled out a series of policies for the development of the non-public sector since the country's reform and opening up, Xi said, citing measures to ease market access and ensure development on an equal footing over the past three years.

China will strive to provide reliable, efficient and convenient funding services to small and medium-sized enterprises, and encourage private capital to establish presence in industries not prohibited by law, Xi said.

Xi said China will improve technological services for private companies and help them merge with competitive conglomerates.

The government will continue to cut red tape and fees in private investment management to reduce corporate burdens, Xi said.

Xi asked non-public sector business people to have a correct understanding of China's economic development trends and improve their own overall quality and corporate management for better development.

The healthy growth of business people in the non-public sector is the precondition of the sector's sound development, Xi said.

An education campaign on ideals and faith should be further promoted, with a focus on obedience to law, honesty and unswerving confidence, he said.

Non-public sector people should act according to the socialist core values and become examples of patriotism, lawful operation, entrepreneurship and innovation, to open a new chapter in pushing for the realization of the Chinese dream of national rejuvenation, the president said.

Private enterprises should also participate more in public welfare and charity causes to fulfil their social responsibilities, Xi said.

Xi urged honest, sincere and clean contacts between officials and business people. Endi