In a significant development highlighting the robust growth of China’s private sector, data from the first 11 months of 2024 indicates that private enterprises contributed to over 55% of the nation’s total foreign trade value. This marks a notable two-percentage-point increase compared to the same period last year.
Experts attribute this upward trend to the increasing role of private businesses in China’s economic landscape. Li Yong, Chief Researcher of D&C Thinktank, emphasized the importance of the private sector in China’s strategy for high-quality opening up to the world. “The private sector is not only a driving force for economic growth but also a pivotal player in enhancing China’s international trade relations,” Li remarked.
The surge in private enterprise activity signifies China’s commitment to integrating more deeply with the global economy. By fostering a conducive environment for private businesses, China aims to stimulate innovation, competitiveness, and sustainable development.
Foreign trade has long been a cornerstone of China’s economic success, and the increasing involvement of private enterprises is expected to further diversify and strengthen trade ties. This shift also reflects policy measures aimed at encouraging private sector participation and reducing barriers to international markets.
Analysts predict that this trend will continue into the coming years, with private enterprises poised to play an even more significant role in shaping China’s economic future. The government’s support for private businesses underscores a strategic move towards a more market-oriented and globally integrated economy.
As China navigates the complexities of the global trade environment, the empowerment of private enterprises stands as a testament to its commitment to high-quality opening up and mutual economic prosperity.
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Private sector plays vital role in China's high-quality opening up
cgtn.com
