Xi Jinping backs stronger property rights, protections for entrepreneurs in Shenzhen

Shenzhen will strengthen property rights and protection of entrepreneurs, China's President Xi Jinping said Wednesday a speech to marking the establishment of the country's first economic zone in the southern city four decades earlier.

In his speech, Xi praised the city for "achieving miracles" and said it "must carry out development with the courage to break the ground and to strive to be the first."

Carrie Lam, the leader of the adjacent territory of Hong Kong, attended the speech, after announcing on Monday that she was postponing an annual policy address scheduled for that day, as did Ho Iat Seng, the chief executive of Macau.

Xi's speech called for further exchanges between the two territories and Taiwan, as well as overseas Chinese, and to "strengthen their sense of belonging with the motherland."

Xi also emphasized that China will pursue a "dual circulation" model that relies more on domestic consumption while attracting foreign investment.