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China's Xi Vows to Remove Mountainous Barriers to Private Sector

  • Reminds executives they owe their success to Communist Party
  • Xi says local bureaucrats slowing reforms in `last kilometer'
Xi Jinping.

Xi Jinping.

Photographer: Qilai Shen/Bloomberg

President Xi Jinping pledged to remove obstacles faced by private companies in China, while reminding the entrepreneurs that they owe their success to the Communist Party.

In a speech  -- delivered at a closed-door meeting of mostly business leaders -- Xi provided the most detailed explanation yet of his vision for the private sector’s role in China’s state-managed economy. The remarks follow months of questions about the government’s commitment to market-based policies amid stock-market interventions and impatience about the pace of state-sector overhauls.