Global Times: China's key symposium on private economy boosts confidence

BEIJING, Feb. 20, 2025 /PRNewswire/ -- The high-level symposium on the private economy held on Monday, the first of such kind since 2018, sent a warm and encouraging signal to the private sector, and contributed to promoting the high-quality development of the sector. It also garnered widespread attention among Western media, with some highlighting China's strong support for the private sector.

Xi Jinping, general secretary of the Communist Party of China Central Committee, on Monday urged efforts to promote the healthy and high-quality development of the country's private sector.

The private sector enjoys broad prospects and great potential on the new journey in the new era. It is a prime time for private enterprises and entrepreneurs to give full play to their capabilities, Xi said when attending a symposium on private enterprises in Beijing.

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 put forward their opinions and advice on the development of the private sector, the Xinhua News Agency reported.

Xi said the Party and the country are committed to unswervingly consolidating and developing the public sector and unswervingly encouraging, supporting and guiding the development of the non-public sector.

US media outlet CNBC reported that the Chinese leader's presence at the symposium sends a "very clear signal of top-level support" to entrepreneurs, citing Peiqian Liu, Asia economist at Fidelity International.

"It could potentially be even more powerful than fiscal stimulus, should policymakers show more decisive support toward the development of the tech sector in China," Liu said.

The meeting with prominent entrepreneurs signals that the private sector is "considered key to reviving the world's No. 2 economy," Bloomberg reported.

CNN reported that the timing of this meeting is "significant" as it signals "renewed effort to support private enterprise, especially in the tech sector, and to restore entrepreneurial confidence," citing an analyst.

VOA reported that the symposium comes as DeepSeek's AI platform has triggered investor speculation about its potential to buoy China's broader tech sector, leading to calls for an upward repricing of Chinese assets.

"We should expect more support to the private sector, especially in areas of strategic importance for the country," Reuters reported, citing Alfredo Montufar-Helu, head of think tank The Conference Board's China Center.

Chinese private enterprises' innovative vitality and immense potential are increasingly evident, and the central government's determination to encourage and support the development of the private economy is also becoming more robust, Li Jin, chief researcher at the China Enterprise Research Institute in Beijing, told the Global Times on Tuesday.

The latest data shows that private enterprises account for over 92 percent of the total number of enterprises in China, and among the country's national high-tech enterprises, private businesses also account for over 92 percent, state broadcaster CCTV reported.

High-quality development

"Different from the key symposium on the private sector held in 2018, this year's symposium is more focused on new quality productive forces. The attendees indicate that emerging industries, including artificial intelligence (AI), intelligent manufacturing and new energy, have become the focus of the policy tilt," Liu Dian, a deputy research fellow at the Chinese Institute under Fudan University, told the Global Times on Tuesday.

Immediately following the symposium, China's top economic planner pledged on Tuesday greater efforts to promote the development of the private economy, including further removing market access barriers and revising a negative list for market access in a timely manner.

Detailed measures will be introduced to continuously open up competitive infrastructure fields and major national scientific research infrastructure to private enterprises on a level footing, while supporting private enterprises' participation in projects for implementing major national strategies and building security capacity in key areas, as well as large-scale equipment upgrades and consumer goods trade-in programs, said Zheng Bei, deputy head of the National Development and Reform Commission (NDRC), China Central Television reported.

While implementing policies to ease enterprises' difficulties, the NDRC will make preparations for the release and implementation of the private economy promotion law, Zheng said.

China is moving closer to its first basic law specifically focused on the development of the private sector. The Standing Committee of the 14th National People's Congress will hold its 14th session in Beijing on February 24 and 25, during which lawmakers will review the draft private economy promotion law.

"A series of policy support measures underscores the authorities' clear attitude in effectively promoting the high-quality development of the private economy. Accelerating the formulation of the private economy promotion law will provide solid legal guarantee for private enterprises and help them play a greater role in market competition," Li said.

Boosting confidence

Multiple entrepreneurs who attended the symposium expressed their confidence for development prospects, stressing their confidence and resolve to step up sci-tech innovations and strengthen their businesses to contribute to building socialism with Chinese characteristics and advancing Chinese modernization.

"The meeting will further ignite entrepreneurs' passion for contributing to the country through entrepreneurship," Liu Qingfeng, chairman of iFlytek, who attended the symposium, told the Global Times on Tuesday.

He said the company will step up efforts in several aspects, including focusing on developing large language models trained on a home-grown computing platform, actively developing multi-language technologies and constantly improving the company's management and governance structure by keeping up with the times.

"Our goal is to set benchmarks that match or exceed global standards, leading in key areas and fostering a self-driven industry ecosystem," Liu said.

"As an entrepreneur who has started, grown, and developed a private high-tech manufacturing business in Shenzhen from scratch, I will remain steadfast in my confidence for industrial development, keep the original aspiration of entrepreneurship, maintain a strong sense of national responsibility, and dedicate myself to strengthening the real economy, refining our core business," Chen Zhilie, chairman of Evoc Intelligent Technology Co, who attended the symposium, told the Global Times on Tuesday.

"General Secretary Xi said in 2014 that the path to becoming a strong automaking nation lies in developing new energy vehicles (NEVs). Today, 10 years on, the NEV industry has seen tremendous changes. BYD can truly appreciate the foresight of the central government in this decade. During this symposium, General Secretary Xi presented many requirements. Various policies must be implemented as directed by the General Secretary. With confidence, we can make our enterprises better and better," Wang Chuanfu said, according to a CCTV report.

"I have profoundly sensed the care and support that the General Secretary and the CPC Central Committee have shown toward private enterprises and entrepreneurs, which has significantly strengthened our confidence," Xiaomi CEO Lei Jun said in an interview with CCTV. Lei said the company is determined to use cutting-edge technologies such as AI in Xiaomi terminal products so as to bring better experience for consumers while efforts will be made to enhance the global influence of Chinese products.

"Here come the opportunities. Thanks to sound policies and improving market and legal environment, as well as gradually improving the medical system, the market development prospects are very promising," said Liu Changyun, chairman of Jointown Pharmaceutical Group Co, who attended the symposium.

Liu Changyun said the company will remain steadfast in its core business, and will fully adopt new quality productive forces such as modern logistics information technology, large language models and artificial intelligence (AI) to explore new opportunities, new forms and new models while making contributions to the high-quality development of the health industry, according to a statement on the company's WeChat account.

https://www.globaltimes.cn/page/202502/1328679.shtml

SOURCE Global Times