Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, Friday called for efforts to regulate and guide the healthy development of capital in China per the law and give play to the positive role of capital as a significant production factor.
Xi made the remarks while addressing a group study session of the Political Bureau of the CPC Central Committee.
Capital is a significant production factor in the socialist market economy, Xi said, adding that regulating and guiding the capital development in the socialist market economy is not only a primary economic issue but also a major political issue. He added it is not only a major issue of practice but also a major theoretical issue.
It is related to adhering to the basic socialist economic system, the basic national policy of reform and opening up, high-quality development and common prosperity, and national security and social stability, Xi noted.
China now has various capital forms, including state-owned capital, collective capital, private capital, foreign capital, and mixed-ownership capital, Xi stressed. This capital is increasingly significant in scale and seeing a faster operational pace, with more diversified ownership and a large amount of international capital flowing into the market, Xi said.
Xi underlined theoretical research on capital under new conditions, noting that regulating and guiding the healthy development of capital under the socialist system is a major theoretical and practical problem to be studied.
It is necessary to understand all kinds of capital forms and their functions in the country from a historical, development, and dialectical perspective, Xi said.
He called for paying attention to inclusiveness in economic development and fairness in primary distribution, ensuring that capital could gain proliferation and development in participating in social distribution. Efforts should also be made to focus more on safeguarding the distribution system in which distribution according to work is the mainstay, said Xi.
China will resolutely pursue common prosperity for all, Xi stressed.
He emphasized the need to deepen capital market reform, improve property rights protection, and further promote the implementation of policies for fair competition.
China should attract more international capital to invest and start businesses in the country with a high-quality market environment, Xi said, adding that efforts should also support and encourage Chinese capital and enterprises to go global.
Xi stressed efforts to regulate and guide the development of capital, involving improving the legal system for capital development, optimizing the market access system, and fighting, per the law, monopolies and unfair competition, such as the abuse of market dominance.
He also highlighted the efficiency of capital governance, especially the capacity to spot risks and resolve them in primary areas and sectors that may bring systemic risks.
In fighting corruption in the capital field, Xi urged efforts to crack down on capital's profit-seeking behaviors based on power and probe and punish corruption-related behaviors behind the disorderly expansion of capital and platform monopolies.
