President calls for unified open economy

General secretary urges efforts to improve regional planning, upgrade industrial chains

President Xi Jinping on Monday called for efforts to improve regional economic planning that leverages complementary advantages to push high-quality growth and boost the country's industrial capability.

Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, stressed in his speech at a meeting of the Central Committee for Financial and Economic Affairs that China needs to fully explore the collective strength of its system and take advantage of its large domestic market to upgrade and modernize its industrial chains.

The meeting stressed the necessity to foster a unified, open and competitive economy and let the market play a decisive role in resource allocation. It also urged efforts to promote balanced and coordinated development across the country and deepen regional cooperation.

Top policymakers at the meeting also decided to accelerate the work of forming a unified pension system at the national level and to boost mutual support among different regions.