Foreign businesses are important participants in the Chinese modernization drive, Chinese President Xi Jinping said while meeting with representatives of the international business community in Beijing on Friday.

Xi noted the twin miracles of rapid economic growth and enduring social stability that China has created over the past seven decades since the founding of the People's Republic of China, especially over the past four decades of reform and opening up.

He attributed the miracles to the strong leadership of the Communist Party of China as well as the unity and hard work of the Chinese people, and also to the support and help from the international community, including the contribution of foreign businesses operating in China.

"Thanks to reform and opening up, and importantly to actively leveraging foreign capital, China was able to rapidly enter the global market and catch up with the times in great strides," Xi said.

Foreign businesses and investment in China have driven economic growth and employment, boosted technological and managerial progress, and facilitated reform and opening up, he said.

"All of this shows that foreign businesses are important participants in the Chinese modernization drive, in the country's reform and opening up and innovation, and in its interconnectivity with the world and integration into economic globalization," Xi said.

In this process, foreign businesses have thrived and generally enjoyed handsome returns, achieved win-win results, and forged profound friendship with the Chinese people, Xi added.