31 Opinions Released to Promote Private Economy Development: Ma Huateng, Lei Jun, and Zhou Hongyi Share Their Thoughts
Date: July 20, 2023
The full text of the “Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting the Development and Growth of the Private Economy” was released on July 19. These opinions highlight the importance of the private economy in promoting Chinese-style modernization and outline 31 policy measures to support scientific and technological innovation, key core technology research, and the cultivation of private technology leaders in key industries.
The “Opinions” recognize the platform economy as a crucial component of the private economy and provide guidelines to promote its openness, innovation, and empowerment. According to Ma Huateng, chairman and CEO of Tencent, the release of the “Opinions” provides strategic requirements for the internet industry and reinforces the direction for the platform economy. Ma emphasized that internet companies play a vital role in empowering the real economy, promoting technological innovation, and expanding international markets.
Ma Huateng further stated that the goals of “openness, innovation, and empowerment” align with the vision of high-quality development for platform companies. He emphasized Tencent’s commitment to act as a “connector,” “toolbox,” and “little assistant” to promote the expansion of domestic demand and enhance the competitiveness of overseas business. Ma highlighted the major opportunity for industrial transformation brought by the wave of general artificial intelligence and expressed Tencent’s dedication to strengthening technological innovation and promoting digital integration.
Lei Jun, founder, chairman, and CEO of Xiaomi Group, praised the “Opinions” for providing a clear policy signal to guide private enterprises in implementing new development concepts. Lei emphasized the importance of enterprises sticking to their core businesses and contributing to technological modernization.
Zhou Hongyi, founder of 360 Group, also applauded the release of the “Opinions,” stating that it boosts confidence and vitality for private enterprises while promoting high-quality development. Zhou highlighted the significance of the private economy in accelerating the construction of a new development pattern and achieving industrial digitization. He emphasized the responsibility of private technology companies in strengthening digital infrastructure, promoting the digitalization of traditional manufacturing industries, and contributing to the development of the real economy.
Zhou Hongyi further discussed the importance of large-scale models in the global digital industry, stating that their development should prioritize safety, goodness, trustworthiness, and controllability. He emphasized the need for large models to become an important enabler of industrial digitalization and a standard configuration for every digital system.
Pan Helin, co-director and researcher of the Digital Economy and Financial Innovation Research Center of Zhejiang University International Joint Business School, emphasized the need for industrial policies in emerging strategic industries such as semiconductors and artificial intelligence. He stressed that both state-owned enterprises and private enterprises should have equal opportunities for growth.
The National Development and Reform Commission also expressed support for private enterprises, with Director Zheng Shanjie hosting a private enterprise symposium to discuss growth opportunities. This demonstrates the government’s recognition of the vital role private enterprises play in shaping China’s economy.
Zhu Xiaohu, managing partner of GSR, urged the establishment of quantitative indicators to promote the development of the private economy. He suggested encouraging private technology leaders to strive for a trillion-dollar market value, pointing out the widening gap in market value between Chinese and American technology companies.
With the release of the 31 opinions, it is expected that the private economy will receive increased support and guidance from the government in the coming years. This will help drive technological innovation, foster economic growth, and contribute to China’s path of high-quality development.