May 7 2023

CCFEA First Meeting Stresses Accelerating Industrial System Modernization and Improving Industrial Policies for New Development Stage

President Xi Jinping, also director of the Central Commission for Financial and Economic Affairs ("CCFEA"), presided over the first meeting of the CCFEA under the 20th CPC Central Committee on May 5, 2023, discussing speeding up the construction of the country's modern industrial system.

The meeting stressed speeding up the construction of the country's modern industrial system backed by the real economy, calling for seizing opportunities presented by the new scientific and technological revolution, such as artificial intelligence, maintaining and strengthening the country's advantages of a complete industrial system and strong supporting capacity, promoting the efficient aggregation of global innovation factors, and boosting the building of a modern industrial system that is holistic, advanced, and secure. The meeting also pointed out that China should fine-tune its industrial policies for the new development stage and take industrial security as a top priority, enhance the top-level design in areas of strategic importance and policy coordination, strengthen breakthroughs of key and core technologies, and secure the supply of resources of strategic importance. It also stressed ensuring the principal position of enterprises in sci-tech innovation with institutional arrangements.