BEIJING, May 26 (Xinhua) -- In a strategic effort to enhance the dynamism, resilience, and competitiveness of Chinese enterprises, authorities have unveiled a comprehensive guideline aimed at refining the country's modern corporate system, which is characterized by distinctive Chinese features.

This guideline, announced by the general offices of the Communist Party of China Central Committee and the State Council, outlines 19 specific measures designed to bolster the leadership of the Party, optimize corporate governance structures, and innovate management practices. Additionally, the measures focus on improving incentive mechanisms that support innovation.

According to a Q&A published on the National Development and Reform Commission's website, which serves as the country's top economic planner, the document aims to empower enterprises through institutional innovation. This initiative is expected to further unleash the vitality of micro enterprises, enhancing the overall dynamism and competitiveness of China's modern enterprises.

The guideline sets an ambitious goal to establish a modern corporate system with uniquely Chinese characteristics within eligible enterprises over the next five years. This transformation is intended to enable these enterprises to fully engage in promoting innovation, supporting industrial upgrades, and fulfilling their social responsibilities.

By the year 2035, China envisions a more refined modern corporate system that will considerably elevate the global competitiveness of Chinese enterprises. This foundational enhancement is a critical step toward the aspiration of building world-class companies that can thrive on an international scale.

A dedicated section in the document emphasizes the importance of enhancing incentive mechanisms for innovation within enterprises. It details specific measures for innovating organizational structures, optimizing resource allocation efficiency, and refining the designs of incentive systems to foster a culture of creativity and improvement.

Furthermore, the guideline highlights the role of capital markets in enhancing corporate governance. It encourages listed companies to attract institutional investors who hold over 5 percent stakes, empowering them to act as active shareholders. The document also emphasizes the need for improvements in the information disclosure system governing listed companies to support sound decision-making practices.