Pony Ma, chairman and CEO of Tencent, expressed strong confidence in China’s recent policies aimed at bolstering the private sector. In a commentary for People's Daily, Ma highlighted the significance of the draft Private Economy Promotion Law, which is currently open for public consultation until November 8. This law marks China’s first foundational legislation specifically designed to advance the private economy.
Ma emphasized that the new legislative frameworks provide robust legal support, enabling private enterprises to operate more effectively. He also pointed out that a coordinated set of macroeconomic policies ensures consistency and effectiveness, allowing businesses to focus on their core operations and sustainable growth.
Since September, the Chinese government has been implementing a series of stimulus measures to boost investment and consumption amidst signs of economic slowing. These measures particularly focus on supporting the private sector and encouraging a shift towards high-tech manufacturing and services to enhance efficiency and added value.
Tencent, renowned for its WeChat messaging and payment app, continues to thrive in this environment. Ma noted the vital role that the internet and digital technology sectors play in driving economic growth. “We have actively responded to the national strategy to expand domestic demand, exploring innovative approaches to digital consumption by creating diverse consumption scenarios, models, and formats,” he stated. “Moving forward, we aim to increase investments aligned with policy directions, foster entrepreneurial spirit, and connect technological innovation with industrial upgrades.”
Reaffirming his optimism, Ma stated, “With the leadership of the Party and government, and through collective effort and determination, we firmly believe private enterprises have a bright future and China's economy will continue to forge ahead with resilience and vigor.”
Echoing Ma’s sentiments, Liu Yonghao, chairman of New Hope Group, urged enterprises to promote scientific and technological innovation and accelerate the development of new quality productive forces. “In my field of food processing, we intelligently analyze various data to improve operations. We will also continue to increase investments in science and technology, applying intelligent, biological, and digital innovations to traditional manufacturing,” Liu wrote.
Experts like Zhang Bin, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, acknowledge challenges such as insufficient effective demand. However, Zhang remains optimistic that reasonable policy efforts can effectively address these issues and help China’s economy overcome current challenges.
Reference(s):
Tencent CEO says encouraged by growing govt support of private sector
cgtn.com
