China's private sector is poised to play a pivotal role in the nation's future economic growth, thanks to stable and consistent policy support from Chinese policymakers. This strategic focus highlights the importance of private enterprises in fostering innovation, generating profits, and maintaining social stability.
Xiao Geng, director of the Institute of Policy and Practice at the Chinese University of Hong Kong, Shenzhen, emphasized that the General Secretary of the CPC Central Committee Xi Jinping is actively encouraging private companies across all sectors. This encouragement acknowledges their crucial contribution to the economy and their ability to drive forward-thinking initiatives.
In addition to domestic support, the Chinese government is guiding businesses to diversify their international presence. Regional markets such as the Hong Kong Special Administrative Region, ASEAN, and the Middle East are becoming key targets for expansion, reducing the reliance on the U.S. market. This strategic move not only broadens the global footprint of Chinese enterprises but also enhances the resilience of the private sector against global market fluctuations.
This shift marks a significant step in China's economic strategy, reinforcing the strength and adaptability of its private enterprises. As these businesses expand internationally, they are expected to contribute substantially to China's sustained economic growth and global economic integration.
Reference(s):
cgtn.com
