Premier Wen on China's economic system

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Last updated at: (Beijing Time) Monday, November 24, 2003

Premier Wen on China's economic system

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China had decided on an important policy and that is public ownership would be the mainstay and multiple forms of ownership will develop side by side, said Chinese Premier Wen Jiabao when he was interviewed here by the Washington Post of the United States.

"To sum up, we can use two 'unswervingly' to describe this. We will unswervingly uphold the public ownership system and develop the public sector, and we will unswervingly encourage, support and guide the development of the non-public sector, the private-sectorincluded," Wen said in the interview by Leonard Downie, executive editor of The Washington Post on Friday.

This basic economic system has been written into China's Constitution, and in the recently held third plenary session of the 16th Central Committee of the Chinese Communist Party, the concept of property rights was introduced, he said.

It was made very clear at the session that China would formulate legislation protecting private property, Wen said.

"Such a move was entirely based on China's actual conditions in the spirit of seeking truth from facts, because this will help accelerate China's economic development," he said.

"It will also help ease the pressure from employment. It will also give greater scope to the creativity and enterprising spirit of the Chinese population and will in the end help us achieve the goal of common prosperity," said the premier.

He said at the moment, privately run enterprises employ a total of 80 million workers and they contribute to 23 percent of the country's GDP.

"In the countryside, we have the household contract system," hesaid. It has long since been stipulated that land operated by farmers can be transferred in a lawful and compensatory manner, the premier said.

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