When President Xi Jinping of China spoke at a meeting on Tuesday to celebrate the country’s shift 40 years ago to an era of “reform and opening up,” expectations were high that he would enumerate steps for revamping the economy and defusing trade tensions with the United States and others.

The meeting commemorated a Communist Party leaders’ conclave in 1978, when Deng Xiaoping and other veteran revolutionaries set China toward market-friendly, pro-growth policies that would eventually transform the country into the world’s biggest economy after the United States.

Some economists and investors had hoped that Mr. Xi would embrace and improve on Deng’s historical legacy as an economic liberalizer.

Instead, Mr. Xi used the speech to defend policies that he had forged over the past six years to make the Communist Party even more powerful, strengthen the state-run sector of the economy while allowing private business to grow, and put China’s stamp on international affairs.

Here are the key points from what he said and what they mean:

Mr. Xi’s speech stood out for his defense of the Communist Party as the designer and guardian of China’s prosperity and stability.

He has often made that case, and when his predecessors, Jiang Zemin and Hu Jintao, spoke on the 20th and 30th anniversaries of the 1978 shift, they also gave plenty of space to praising the party. Even so, Mr. Xi’s comments seemed strikingly prominent, especially when many investors had hoped for a more moderate message.

Summarizing what he described as the lessons from China’s past four decades, Mr. Xi said, “First, the party’s leadership over all tasks must be adhered to, and the party’s leadership must be incessantly strengthened and improved.”

If anyone watching still expected that Mr. Xi would seek to moderate his hard-line reputation and reveal himself to be a political liberalizer, he used this meeting to send an emphatic “no.” The party’s socialist path, doctrine and policies over the past 40 years, he said, had all been “totally correct.”

Mr. Xi referred only obliquely to the elephant in the room: the trade war with the United States and the strain that deteriorating relations has put on China’s economy.

“No one is in the position to dictate to the Chinese people what should and should not be done,” he said in apparent reference to demands from Washington and other capitals that China undo some of its protectionist economic policies (even as Chinese negotiators have quietly offered concessions).

Mr. Xi defended the Communist Party as the designer and guardian of China’s prosperity and stability.CreditWu Hong/EPA, via Shutterstock

He reiterated China’s position on subjects like Taiwan’s independence, which Beijing fiercely opposes, but he emphasized that China sought to promote peace, support international development and bolster the international organizations that have helped shape and sustain today’s world order.

“China’s development will never constitute a threat to any other country,” Mr. Xi said. “No matter what level of development China reaches, it will never seek hegemony.”

Given China’s embrace of market economics, China’s leaders have often played down the communism part of the Communist Party. Mr. Xi made clear just how deeply committed he is to the ideology itself — adapted “with Chinese characteristics,” as the phrase goes.

In his remarks he exalted Marxist-Leninist principles and even quoted Friedrich Engels to make the case for promoting new forms of innovation in the 21st century.

Mr. Xi’s message: China’s headlong plunge into capitalism over the last 40 years was not a repudiation of the Communist Party’s founding ideology, but something possible only because of it.

The run-up to Mr. Xi’s speech aroused expectations of change, because the government had become increasingly concerned that private businesses — the engine of employment growth and innovation — have been demoralized by too much taxation, bureaucracy and barriers to bank loans.

Economists and investors have criticized Mr. Xi for giving what they consider too much protection to state-owned conglomerates.

But on Tuesday, those critics were probably disappointed by the absence of specifics or shifts in rhetoric.

Jack Ma, the multibillionaire founder of Alibaba, the e-commerce giant, was among the 100 Chinese honored by Mr. Xi as “pioneers” of reform. But in his speech, Mr. Xi affirmed the party’s dual approach: supporting the state sector while encouraging private entrepreneurs. And support for the state sector came first.

“On the road ahead, we must unswervingly consolidate and develop the publicly owned economy,” Mr. Xi said, referring to the state-run sector.

China, he added, would also “unswervingly encourage, support and guide the development” of the private sector.