Guangdong Issues “Thirty Points” to Promote the Development of the Private Economy
On January 12, Guangdong issued “Thirty Points” aimed at promoting the development and growth of the private economy and guiding private enterprises to regulate and develop healthily. The “Implementation Opinions” introduce 30 measures from the aspects of continuously optimizing a stable, fair, transparent, and predictable development environment, strengthening legal protection for private economic development, and encouraging reform and innovation of private enterprises.
The goal is for private enterprises to see improvements in product quality, brand influence, and governance level by 2027, with the comprehensive competitiveness of the private economy steadily increasing. The private economy is expected to play an important role in promoting economic growth, improving innovation capabilities, expanding urban employment, and promoting common prosperity. This will further emphasize the role of the private sector and lead to new breakthroughs in the high-quality development of the private economy.
As of the end of 2023, the total number of business entities in Guangdong exceeded 18 million, with the total number of private economic entities in Guangdong exceeding 7.2 million, ranking first in the country. Notable private enterprises such as Huawei, Tencent, Midea, TCL, and BYD have also emerged from Guangdong, leading the development of the private economy in the region.
Entrepreneurs have expressed a vision of a business environment in which the government supports and facilitates growth, and it is hoped that the 30 “hard-core” measures can break down barriers and reduce challenges faced by private enterprises.
The government’s efforts, combined with those of enterprises and other stakeholders, are expected to release policy dividends that will stabilize expectations, boost morale, and build confidence in the private economy. This will lay a solid foundation for high-quality economic development in Guangdong.
Overall, the measures introduced by Guangdong are aimed at rejuvenating the spirit of the private economy and encouraging the incubation of more innovative and well-known private enterprises. The hope is that these efforts will pave the way for a thriving and dynamic private sector in the region.