Xi Jinping makes big promises for China’s economic future

Mark Schiefelbein | Associated Press Chinese President Xi Jinping arrives for the opening session of China's 19th Party Congress at the Great Hall of the People in Beijing, Oct. 18, 2017.

Beijing (CNBC,Oct 18,2017): Chinese President Xi Jinping said Wednesday that China supports an open world economy and pledged further liberalization of its market to foreign investors — even as he touted the benefits of a socialist system at opening of the 19th Communist Party Congress.

In a three-and-a-half hour speech both retrospective and forward-looking, Xi discussed China’s progress and signaled how China sees its national development and international role in the next five years.

Of particular interest to investors will be how the world’s second-largest economy will move forward as authorities attempt to clean up the fallout from three decades of breakneck growth.

In his speech, Xi said China will push ahead with market-oriented reforms of its foreign exchange rate as well as its financial system, letting the market play a decisive role in the allocation of resources.

The government will “clean up rules and practices that hinder a unified market and fair competition, support development of private firms and stimulate vitality of all types of market entities,” Xi said, while pledging to further open China’s services sector to foreign investors.

“China’s open door will not be closed — it will be only be opened wider,” he said.

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