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


BEIJING (Reuters) – Chinese President Xi Jinping has pledged to promote a globally competitive, open environment for scientific and technological innovations and expand international exchanges and cooperation, state media reported on Tuesday.

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

During his speech at the fifth meeting of the Chinese Communist Party’s Central Committee for Comprehensive Deepening Reform, Xi pledged to create an open environment for technological innovation, state media CCTV reported.

“(We) must continuously improve the scientific and technological safety system and risk prevention mechanism and consolidate the baseline of safety in an open environment,” CCTV said, referring to the meeting.

Guidelines for improving the income guarantee mechanism for farmers and developing “modern enterprises with Chinese characteristics” were also approved at the meeting.

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 election of elite decision-makers in 2022, which will focus on reforms amid “challenges” in at home and abroad.

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

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