Chinese President Xi Jinping has announced a plan to create a stronger rule of law to help protect the interests of foreign companies and provide more support for foreigners in the country.

State-run CCTV reported that Xi gave a speech on Monday at a meeting of the Communist Party leadership on strengthening foreign-related legal system development.

He said that developing such a system is an urgent task as the country promotes "high-standard opening-up."

He stressed the need to "safeguard the legitimate rights and interests of foreign-funded enterprises" and provide more convenience to foreigners living in China.

He is believed to be trying to stem the decline in foreign investment amid an uncertain outlook for the Chinese economy.

But it remains unclear how much the plan will help China attract foreign firms, as the country introduced revised counterespionage legislation in July in a sign that it puts priority on ensuring national security.

Xi emphasized that "the fundamental purpose of advancing law-based governance in foreign-related affairs is to safeguard the interests of the country and the people."

He also highlighted the need to nurture "law firms of international prestige" to protect China's overseas interests.