In a pivotal move towards sustainable growth, Chinese President Xi Jinping highlighted the essential role of the private sector in his keynote address at a Beijing symposium on private enterprises.
President Xi emphasized, \"The private sector enjoys broad prospects and great potential on the new journey in the new era. It is a prime time for private enterprises and entrepreneurs to give full play to their capabilities.\" This statement reflects China's strategic recognition of the private sector as a cornerstone of its economic future.
With over four decades of economic reforms, China's private sector has been a driving force behind innovation, job creation, and economic dynamism. Currently, the private economy contributes more than 60 percent to China's GDP, accounts for over 80 percent of urban employment, and represents upwards of 70 percent of technological advancements.
From e-commerce to high-tech manufacturing, private firms in China have spearheaded breakthroughs in artificial intelligence, biotechnology, and renewable energy. These advancements not only bolster China's standing as a global economic leader but also enhance the resilience of its economy against external challenges.
The symposium underscored the government's unwavering support for private businesses, focusing on policies that improve the business environment, enhance legal protections, and ensure fair competition. This aligns with China's broader goal of achieving high-quality development, positioning private enterprises as key drivers of productivity and modernization.
Recent regulatory measures targeting sectors like real estate, technology, and education have been misinterpreted by some Western observers as a retreat from the private sector. However, these policies are part of a comprehensive strategy to mitigate systemic risks, promote long-term sustainability, and ensure inclusive economic growth.
Far from stepping back, China's private sector continues to explore new frontiers, reinforcing its pivotal role in the nation's ongoing economic narrative.
Reference(s):
cgtn.com
