China's top political advisor Wang Huning said the Chinese People's Political Consultative Conference (CPPCC) will make active contributions to developing a high-standard socialist market economy.

Wang, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the CPPCC National Committee, made the remarks at the closing meeting of the seventh session of the Standing Committee of the 14th CPPCC National Committee on Thursday.

He noted that since the 18th CPC National Congress was held in 2012, the CPC leadership has prioritized upholding and improving the socialist market economy in deepening reform across the board, with a series of significant measures taken.

With a focus on advancing Chinese modernization and refining the systems underpinning the market economy, the CPPCC should conduct in-depth research and consultation, enhance democratic oversight and build broad consensus to make suggestions on and contribute to developing a high-standard socialist market economy, Wang said.

After the closing meeting, Yin Shouyi, vice dean of the School of Integrated Circuits at Tsinghua University, gave a lecture on the prospect and challenge of China's chip industry. 

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