China should stick to its basic socialist economic system: Xi

Grappling with sluggish growth, President Xi Jinping today said China should adhere to its basic socialist economic system while strengthening and developing both public and non-public sectors of the world's second largest economy.
Xi made the remarks during a panel discussion of political advisors from the China Democratic National Construction Association and the All-China Federation of Industry and Commerce during the ongoing annual session of the Chinese People's Political Consultative Conference National Committee.
The implementation of such a basic economic system is a major political policy decided by the Communist Party of China (CPC).
China must unswervingly strengthen and develop the public sector and also unswervingly encourage, support and guide the development of the non-public sector, Xisaid.

The country remains committed to creating a favourable environment for the non-public sector, he said.
Despite a complex international situation and daunting domestic reform tasks, China, acting under the guidance of the "Four Comprehensives", has met the major goals set for last year and the country's 12th Five-Year Plan (2011-2015) came to a successful completion, Xi was quoted as saying by the state-run Xinhua news agency.

He said the achievements were hard won, reflecting "the strong leadership of the CPC Central Committee, the unity and efforts of the people and the wisdom of non-Communist parties, the All-China Federation of Industry and Commerce and the political advisors."

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The first phone talk between TrumpandXibecame a reality only afterTrumpin a U-turn said he would abide by the 'One China' policy.
"The change (of stance byTrump) creates an impression thatTrumpis learning about his role in the realm of Sino-US ties. He's now sending a new message that he does not want to be a disruptor of the Sino-US relations," an editorial in the state-run 'Global Times' said.
Ahost of issue includingTrump's charge of China as a currency manipulator, threat to impose 45 per cent duty on Chinese exports, action on island building by Beijing in the disputed South China Sea, besides One China policy relating to Taiwan were expected to be discussed between the two leaders.

Ahead of the talks, theChina-US trade in goods amounted to USD 519.6 billion in 2016, a manifold increase since 1979 when the two countries set up diplomatic ties.
China has a large share in the bilateral trade with its exports to US amounting to about USD 400 billion.