In a significant move to bolster economic dynamism, Chinese President Xi Jinping emphasized unwavering support for the private sector during the third session of the 14th National People's Congress. Speaking alongside deputies from Jiangsu Province, Xi urged the region to lead in technological and industrial innovation, implement in-depth reforms, and embrace high standards of opening-up to drive national prosperity.
Earlier, on February 17, Beijing hosted a landmark symposium on private enterprises, the first of its kind since 2018. Xi delivered a keynote speech that injected much-needed optimism into China’s tech sector amidst growing global economic challenges and geopolitical tensions.
Xi's address highlighted the indispensable role of the private sector as a key engine of economic growth and productivity. He outlined the government’s commitment to empowering private businesses through policy refinements aimed at facilitating access to financing, protecting intellectual property rights, lowering operational barriers, streamlining registration processes, and establishing a more business-friendly regulatory framework that ensures equal treatment for all enterprises.
Encouraging private entrepreneurs, Xi assured them that the current challenges are temporary and present an opportunity to harness their talents and significantly contribute to national development. Since the economic reforms of the late 1970s, China’s private sector has been at the forefront of innovation, driving breakthroughs in e-commerce, high-tech manufacturing, artificial intelligence, biotechnology, and renewable energy. These advancements have not only propelled China’s rapid industrialization but also enhanced its resilience against external economic shocks.
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The profound implications of China's support for the private sector
cgtn.com
