Global Times: Xi urges healthy, high-quality development of private sector

BEIJING, Feb. 17, 2025 /PRNewswire/ -- Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Monday urged efforts to promote the healthy and high-quality development of the country's private sector, the Xinhua News Agency reported.

Xi, also Chinese president and chairman of the Central Military Commission, made the remarks when attending a symposium on private enterprises, where he delivered an important speech after listening to representatives of private entrepreneurs.

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.

He urged reaching consensus and firming up confidence to promote the healthy and high-quality development of the private sector.

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, Xinhua reported.

According to a report posted on its official Weibo account by Yuyuantantian, a social media account affiliated with CCTV, participating entrepreneurs also included Alibaba founder Jack Ma, DeepSeek founder Liang Wenfeng, Tencent's board chairman and CEO Ma Huateng, and CATL chairman Zeng Yuqun, among others.

Unswerving support

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, Xinhua reported.

The Party and the country ensure that economic entities under all forms of ownership have equal access to factors of production in accordance with the law, compete in the market on an equal footing, and are protected by the law as equals, he said.

The new journey in the new era has provided abundant new opportunities and greater space for the development of the private sector, Xi said. He stressed that the current difficulties and challenges facing the private sector can be overcome and called for confidence in the future.

Xi urged resolutely dismantling obstacles that prevent enterprises from accessing production factors equally and competing in the market fairly, further opening the competitive areas of infrastructure to various business entities in a fair manner, and continuously making solid efforts to address the difficulties faced by private enterprises in obtaining affordable financing.

He also stressed the effective protection of the lawful rights and interests of private enterprises and entrepreneurs in accordance with the law. Private enterprises and entrepreneurs should embrace entrepreneurship and patriotism, focus on strengthening, optimizing, and expanding their businesses, and be firm contributors to building socialism with Chinese characteristics and advancing Chinese modernization, Xi said.

This symposium reflects the central government's confidence in the development of the private economy and its unwavering determination to support its growth, Li Changan, a professor at the Academy of China Open Economy Studies at the University of International Business and Economics, told the Global Times on Monday.

"In technological advancement, the private economy is crucial. Particularly in the fields of digital economy and artificial intelligence, it has strong innovation capabilities, making it a crucial force in enhancing China's international competitiveness in the tech sector," Li said.

"Its positive role in areas such as job creation and driving technological innovation to spur economic growth will become even more prominent," Li said.

In China's economic policymaking, policymakers and economists often use a rather apt term to describe the integral role the private sector plays in the country's social and economic development: "56789." This refers to private firms' contribution of more than 50 percent to national tax revenue, more than 60 percent to the national GDP, more than 70 percent to technological innovation achievements, more than 80 percent to urban employment, and 90 percent to the total number of enterprises in China, Xinhua previously reported.

According to the State Administration for Market Regulation, by the end of September 2024, the number of registered private enterprises nationwide exceeded 55 million, with private enterprises accounting for 92.3 percent of the total number of enterprises.

Great opportunities

Galaxy Space's founder and CEO Xu Ming was among participants of Monday's symposium, according to official account of Information Office of Wuxi municipal government. Xu told the Global Times on Monday that he was deeply honored to be invited to attend the symposium.

As a representative of private commercial aerospace enterprises, Xu said that he deeply felt President Xi's high regard for the development of private enterprises and technological innovation. "Our confidence in the future of private enterprises has been greatly enhanced, and we are more determined than ever in our commitment to technological innovation and self-reliance," Xu said, adding that he feels the private economy is ushering in new opportunities with great potential ahead.

"This symposium will further boost market confidence and emphasize the significant role that private enterprises play in the national economy, while also providing guidance for the future development of the private economy," Hu Qimu, deputy secretary-general of the digital-real economies integration Forum 50, told the Global Times on Monday.

Private enterprises are playing an increasingly active and important role in areas such as job creation and technological innovation, Hu said, giving examples of DeepSeek and Unitree Robotics - both have sparked intensive discussion, which Hu said highlights the strong innovative vitality of private enterprises.

With the important messages from the symposium, private enterprises should seize this important opportunity and continue to explore new areas for growth, Hu said.

https://www.globaltimes.cn/page/202502/1328605.shtml

SOURCE Global Times