President Jiang Zemin said in Beijing January 19 that great progress has been made toward the goal of lifting state-owned enterprises (SOE) out of the red during the central government's three-year campaign.

SOEs stand as the pillar of the country's national economy, and also the economic foundation of China's socialist system, the president said at the closing ceremony of a seminar on finance and revenue attended by high-ranking party and government officials.

He encouraged SOEs to record new achievements in deepening reform and increasing profit in this final year for realizing those strategic objectives.

Efforts should be made to adapt these enterprises to the market, increase their competitiveness, and expand their ability to fend off risks, he stressed, reaffirming the party and the government's support for the reform and development of SOEs.

The president also pointed out that many irrational problems in the country's economic structure, which increasingly affect overall economic and social development, should be adjusted as soon as possible.

Decisions should be made to settle such problems as irrational product mix, repetitive construction, and low economic profits, he said.

The president also emphasized scientific and technological development, especially in the creation of the country's high-tech sector. When the economic structure becomes rational, the overall economic level will ascend to a new stage, he added. (Xinhua)