Promoting the private economy to become bigger, better, and stronger is the focus of the recently released “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.” The opinions highlight the importance of the private economy in promoting the modernization of Chinese-style development, high-quality growth, and the realization of the second centenary goal.
According to Li Chunlin, deputy director of the National Development and Reform Commission, the private economy has played a positive role in stabilizing growth, promoting innovation, increasing employment, and improving people’s livelihood. However, the development environment for the private economy has faced challenges and many private enterprises have encountered difficulties. The release of the opinions aims to address these issues and boost confidence in the private economy.
To promote high-quality development, the opinions suggest guiding private enterprises to improve governance structures and management systems, increase research and development investment, improve international competitiveness, and support their participation in major national strategies. Ma Huateng, Chairman of Tencent, emphasizes the importance of technological innovation and digital transformation for private enterprises to achieve greater growth, innovation, job creation, and international competition.
The opinions also highlight the need to optimize the development environment for the private economy. This includes building a high-level socialist market economic system, breaking down market access barriers, implementing fair competition policies, and improving social credit and restructuring mechanisms. Gao Jifan, chairman of Trina Solar Co., Ltd., believes that continuously optimizing the environment for private enterprises will create a fair competition mechanism and enhance the innovation motivation of the entire society.
In terms of policy support, the opinions call for the formulation and implementation of precise supporting policies, improved policy implementation methods, strengthened policy coordination, and timely response to concerns and demands of private enterprises. The opinions prioritize financing support, prevention and clearing of arrears, talent and employment guarantee, and fast sharing of support policies. These measures aim to stabilize market expectations and enhance the sense of gain for enterprises.
Equal protection of all types of ownership economies is emphasized in the opinions, with a focus on strengthening the legal guarantee for the development of the private economy. The opinions aim to prevent the use of administrative or criminal means to intervene in economic disputes and standardize compulsory measures involving property rights. The protection of property rights and the rights of entrepreneurs will be ensured through legal measures, promoting law-based administration and high-quality development of the private economy.
Lastly, the opinions aim to create a social atmosphere that supports and respects the private economy. The whole society is encouraged to understand, respect, and support the innovation and entrepreneurship of private enterprises. Cultivating a public opinion environment that values the contributions of private enterprises and supporting them in fulfilling their social responsibilities is crucial for the high-quality development of the private economy.
The release of the “Opinions of the Central Committee and the State Council” reflects the government’s commitment to promoting the development and growth of the private economy. By addressing challenges, improving the business environment, providing policy support, protecting property rights, and creating a positive social atmosphere, China aims to ensure the private economy becomes bigger, better, and stronger, contributing to the country’s modernization and second centenary goal.