Xi called for 'putting quality first' in economic development

"China's economy has been transitioning from a phase of rapid growth to a stage of high-quality development," Xi said, calling this a pivotal stage for transforming growth model, improving economic structure, and fostering new drivers of growth.

Stressing it is imperative that China develop a modernized economy, he described supply-side structural reform as the main task, and urged more efforts for better quality, higher efficiency, and more robust drivers of economic growth.

Xi called for raising total factor productivity and accelerating the building of an industrial system that promotes coordinated development of the real economy with technological innovation, modern finance, and human resources.

"We should endeavor to develop an economy with more effective market mechanisms, dynamic micro-entities, and sound macro-regulation," he said.

China to significantly ease market access

Xi said that China will significantly ease market access, further open service sectors, and protect the legitimate rights and interests of foreign investors.

"We will implement the system of pre-establishment national treatment plus a negative list across the board," Xi said.

All businesses registered in China will be treated equally, he said.

China's socialist democracy the most effective

China's socialist democracy is the broadest, most genuine, and most effective democracy to safeguard the fundamental interests of the people, Xi said.

The very purpose of developing socialist democracy is to give full expression to the will of the people, protect their rights and interests, spark their creativity, and provide systemic and institutional guarantees to ensure the people run the country, Xi said.

"We should not just mechanically copy the political systems of other countries," he said.