BEIJING: President Xi Jinping has reiterated China’s commitment to boosting the private sector through concrete efforts to implement supportive policies and measures.
Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remarks on Monday in Beijing at a symposium on private enterprises. The gathering of high-profile participants came years after the previous such symposium was presided over by Xi in 2018. Among the attendees were Huawei’s Ren Zhengfei, BYD’s Wang Chuanfu, New Hope’s Liu Yonghao, Will Semiconductor’s Yu Renrong, Unitree Robotics’ Wang Xingxing and Xiaomi’s Lei Jun. The six business leaders put forward their opinions and advice on the development of the private sector.
Speaking to a roomful of senior officials and private entrepreneurs, Xi said the government’s basic principles and policies concerning the development of the private economy have been incorporated into the system of socialism with Chinese characteristics and will consistently be upheld and fulfilled.
“They cannot and will not be changed,” he said, noting that obstacles should be removed in order to facilitate private enterprises’ equal access to factors of production and market opportunities in accordance with the law.
Xi said that as the world’s second-largest economy further reforms and opens up, the enormous market with a population of over 1.4 billion will bring new opportunities for the greater development of private enterprises.
“On the new journey in the new era, the prospects for the development of the private economy are broad and promising. It is a prime time for private enterprises and entrepreneurs to give full play to their capabilities,” he said.
As of the end of September last year, China had over 55 million registered private companies, accounting for 92.3 percent of all businesses. They contribute more than half of the country’s tax revenue, over 60 percent of GDP and over 80 percent of urban employment. Regarding the difficulties and challenges currently facing the private sector’s development, Xi said that these have generally emerged during the process of reform and development and industrial transformation.
“They are partial rather than general, temporary rather than long-term, and surmountable rather than unsolvable,” Xi said, stressing the need to stay focused on growth, maintain confidence in development and face up to the challenges with optimism. –The Daily Mail-China Daily news exchange item
