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Transcript

00:00:00
>>
MUSIC]
00:00:01
It's been 40 years since China opened up to the world in a sweeping market reform by late leader Deng Xiaoping. On Tuesday, President Xi Jinping marked the anniversary of that campaign and called for more changes.>>
FOREIGN]
hina, as a big country, should have lofty ideas and high aspirations.
00:00:22
>> But even with a lengthy one and a half hour speech, Reuters Tony Munroe reports there were no details about any new policies.>> President Xi made clear that China will continue to reform but reform at its own pace and that it will not be dictated to by any outsider, and by that he presumably of course means the United States.
00:00:44
There weren't any major surprises in the speech, and that may actually disappoint some investors who hoped that there would be measures or specific steps unveiled today that could go towards solving the trade war between China and the US. There have in recent days and weeks been some signs of progress there and some measures that China has taken in order to smooth out that conflict.
00:01:10
But there wasn't much today that added to that.>> In attendance for the event were some of the biggest names in China, the head of online giant Alibaba, Jack Ma. Along with his counterparts in Baidu and Tencent. Car maker Geely's head was there as well.>> So these are some of the champions of Chinese industry and the Chinese private sector.
00:01:31
This is really a message that to reaffirm the importance of the private sector in the Chinese economy even as during the speech President Xi also reaffirmed China's commitment to its state sector.>> China's substantial support of its state sector is a point of contention with the US. But experts say based on Xi's speech Tuesday, that won't be changing anytime soon.