President Xi Jinping underlined on Wednesday the importance of developing a modern distribution system as support for a new development pattern, saying that China must foster logistics companies with global competitiveness.

In remarks delivered at a meeting of the Central Committee for Financial and Economic Affairs, Xi, who is head of the committee, underscored the fundamental role of the distribution system in the national economy and called for steps to develop new technologies and business models in the sector.

It is important to follow a new development philosophy, pursue high-quality development, deepen supply-side structural reform and enable the market to play a decisive role in the allocation of resources, said Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission.

The meeting urged quicker steps to refine the unified domestic market, create a business environment in line with market principles, the rule of law and international standards and reinforce the role of policies on competition.

China must develop a modern transportation system, establish a unified and open transportation market and optimize the layout of comprehensive transportation corridors, according to a statement released after the meeting.

Cargo capacity on high-speed railways and international flights must be bolstered so as to build a safe, efficient logistics network connecting internal and external markets, the statement said.

The country will develop a number of globally competitive businesses in the distribution sector and promote their transformation with digital and smart technologies as well as integration with other sectors, it said. Also, distribution facilities that concern the daily life of the public will be upgraded.

Meeting participants stressed the need for improving the social credit system, with accelerated efforts to establish a system for tracing important products and to set up a new type of oversight system on the basis of social credit.

The construction of financial infrastructure such as payment and settlement will be stepped up, and supply-side structural reform in the financial sector will be deepened to provide more products that can reach market players via different types of distribution, the statement said.

It is imperative to carefully draw on experience from the country's COVID-19 response and quicken the development of an emergency logistics system, which, with its ample reserve, can respond quickly and resist shocks, it said.