Xi urges boost for private sector

President Xi Jinping has reiterated China’s commitment to boosting the private sector through concrete efforts to implement supportive policies and measures.

President Xi Jinping speaks at a symposium on private enterprises in Beijing Monday. Xinhua

Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remarks yesterday 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.

Representatives from Contemporary Amperex Technology, Chint Group, Alibaba Group Holding, and DeepSeek were also present.

Speaking to a roomful of senior officials and private entrepreneurs, Xi said the government’s basic principles and policies toward the private economy remain unchanged.

He ensured that private enterprises will enjoy equal access to market resources and 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 development of private enterprises.

As of the end of September last year, China had over 55 million registered private companies, accounting for 92.3% of all businesses. They contribute more than half of the country’s tax revenue, over 60% of GDP and over 80% of urban employment.

China is also moving closer to its first basic legislation specifically focused on the development of the private sector, as the draft law was submitted to the Standing Committee of the 14th National People’s Congress for deliberation in December.

During the symposium, Xi also called for efforts to see that the competitive areas of infrastructure are open to market entities in a fair manner, to resolve the difficulties private enterprises face in accessing affordable financing, and to resolve overdue payments to private enterprises.

The proportion of technology entrepreneurs has increased at this symposium compared with the one in 2018, as the position of the tech sector in the industrial ecosystem advanced, said Zhang Jun, chief economist at China Galaxy Securities.

This shift reflects a stronger push toward high-end technology, acknowledges the breakthroughs made by private enterprises in areas related to new-quality productive forces, and highlights the policy support for technological innovation, Zhang noted. (SD-Xinhua)