In a significant display of support for the private sector, Chinese President Xi Jinping convened with leading private entrepreneurs in Beijing on Monday. The highly anticipated symposium featured prominent figures such as 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.
President Xi emphasized the broad prospects and immense potential of the private sector in the new era. \"It is a prime time for private enterprises and entrepreneurs to give full play to their capabilities,\" he stated, highlighting the critical role of private businesses in China's ongoing development.
Unswerving Support
Throughout the symposium, President Xi reaffirmed his unwavering commitment to the private sector. He underscored that fundamental policies supporting the private economy are now integral to China's national institutional framework and \"this cannot and will not change.\"
Xi called for the removal of obstacles that hinder equal access to production factors and fair market competition. He advocated for further opening competitive areas of infrastructure to various business entities and pledged to address the challenges private enterprises face in securing affordable financing.
Additionally, he stressed the importance of legally protecting the rights and interests of private businesses and their entrepreneurs.
In a move to bolster the private economy, China has established a bureau under the National Development and Reform Commission (NDRC) dedicated to promoting private sector growth. Following the Central Economic Work Conference in December, policymakers outlined key measures for supporting private enterprises through 2025, including enacting laws to promote the private sector, standardizing law enforcement related to businesses, and establishing guidelines for a unified national market.
The NDRC recently pledged to eliminate market access barriers and promptly revise the negative list for private enterprises, aiming to encourage greater participation in major national projects and programs.
High-Quality Development
President Xi highlighted the pivotal role of private enterprises in advancing China's technological innovation, rural revitalization, and the overall well-being of its people. He urged entrepreneurs to focus on high-quality development, invest in their core businesses, enhance their innovation capabilities, and increase their competitiveness.
Foreign media have noted the significant presence of tech giants like Huawei, BYD, and Unitree Robotics at the symposium. The private sector is crucial in driving China's innovation, accounting for over 92 percent of its high-tech enterprises and more than 70 percent of its technological achievements. Private businesses also make up over 80 percent of China's "little giant" firms—small and medium-sized enterprises with niche markets and cutting-edge technologies.
From leading global green transformation initiatives and e-commerce to the success of DeepSeek and robotics, as well as international acclaim for titles like \"Black Myth: Wukong\" and \"Ne Zha 2,\" Chinese private enterprises are propelling the country forward in the global market through their technological advancements and innovative efforts.
