Conference Highlights Promising Outlook for China's Private Sector
Ma Xiaobai and Liu Yumeng highlight that the private economy has emerged as a crucial support for the national economy. It plays an essential role in stabilizing growth, promoting innovation, ensuring employment, and enhancing people's livelihoods.
TroibNews 
**Editor's note:** This article, authored by Ma Xiaobai, a director and researcher at the Development Research Center of China's State Council, and Liu Yumeng, a PhD candidate at Renmin University of China, represents the authors' views and does not necessarily reflect those of CN. It has been translated from Chinese and edited for clarity and conciseness.
On February 17, 2025, a symposium focused on private enterprises took place in Beijing.
During the meeting, top officials endorsed the critical role of the private economy in China's reform and opening-up, as well as its importance for socialist modernization. This acknowledgment underscores the focus and importance that the Central Committee of the Communist Party of China and the State Council are placing on private enterprises and the private economy.
This delivers a strong message promoting the high-quality development of the private sector in China.
The first point emphasized was that the fundamental policies of the CPC and the state regarding the private economy remain unchanged, providing valuable reassurance to private entrepreneurs.
Since the 18th National Congress of the CPC, the Central Committee and the State Council have prioritized the growth of the private economy.
At this symposium, China reiterated its commitment to developing both public and non-public sectors while fully recognizing the significance of the private economy and its substantial contributions.
Secondly, the private economy in China boasts a solid foundation and immense potential for future growth.
The private sector has reached significant scale, accounting for over 50 percent of tax revenues, more than 60 percent of GDP, over 70 percent of technological innovations, more than 80 percent of urban employment, and over 90 percent of business entities nationwide.
The private economy serves as a stabilizing force within the national economy, playing an essential role in sustaining growth, fostering innovation, ensuring employment, and improving people’s livelihoods.
As China's reform and opening-up progresses, there has been a continuous enhancement in talent quality, along with increasingly robust industrial and infrastructure systems.
In this context, the private economy holds a promising future with substantial growth potential.
Third, insights from the enterprises that participated in the symposium indicate that the CPC Central Committee values "new quality productive forces" and technological innovation while demonstrating confidence in these sectors' development.
Six private entrepreneurs shared their perspectives at the symposium, focusing on strategies for encouraging the growth of private enterprises in the current environment, with five hailing from the tech industry.
The participants included not only large corporations but also young innovators in emerging fields such as intelligent robotics and artificial intelligence.
Though their enterprises are still in early stages, they are positioned for significant growth and technological breakthroughs, which may enhance their global competitiveness.
Looking ahead, it is anticipated that the government will implement a range of policy measures to bolster the private economy.
To start, the legislative framework for the private economy will be expedited. The Standing Committee of the 14th National People’s Congress will convene for its 14th session in Beijing from February 24 to February 25.
The draft law aimed at promoting the private economy will be deliberated as part of this session's agenda, following proposals made at the meeting of the Council of Chairpersons of the NPC Standing Committee.
Secondly, there will be a concerted effort to tackle the challenges that private enterprises face, such as unequal access to production resources, barriers to market competition, financing difficulties and high costs, delayed payments, unauthorized fees and fines, arbitrary inspections, and unlawful seizures.
Thirdly, a positive and transparent relationship between government and business must be further established. CPC committees and governments at all levels need to ensure the effective enforcement of policies without compromise.
As the future unfolds, the Chinese government encourages private enterprises and entrepreneurs to remain committed to patriotism, focus on development, conduct operations legally and intelligently, and work towards collective prosperity.
Through these efforts, private enterprises are expected to make significant contributions to advancing Chinese modernization. With the revitalization of the private economy, China's economy can achieve robust and sustainable growth.
Anna Muller for TROIB News
On February 17, 2025, a symposium focused on private enterprises took place in Beijing.
During the meeting, top officials endorsed the critical role of the private economy in China's reform and opening-up, as well as its importance for socialist modernization. This acknowledgment underscores the focus and importance that the Central Committee of the Communist Party of China and the State Council are placing on private enterprises and the private economy.
This delivers a strong message promoting the high-quality development of the private sector in China.
The first point emphasized was that the fundamental policies of the CPC and the state regarding the private economy remain unchanged, providing valuable reassurance to private entrepreneurs.
Since the 18th National Congress of the CPC, the Central Committee and the State Council have prioritized the growth of the private economy.
At this symposium, China reiterated its commitment to developing both public and non-public sectors while fully recognizing the significance of the private economy and its substantial contributions.
Secondly, the private economy in China boasts a solid foundation and immense potential for future growth.
The private sector has reached significant scale, accounting for over 50 percent of tax revenues, more than 60 percent of GDP, over 70 percent of technological innovations, more than 80 percent of urban employment, and over 90 percent of business entities nationwide.
The private economy serves as a stabilizing force within the national economy, playing an essential role in sustaining growth, fostering innovation, ensuring employment, and improving people’s livelihoods.
As China's reform and opening-up progresses, there has been a continuous enhancement in talent quality, along with increasingly robust industrial and infrastructure systems.
In this context, the private economy holds a promising future with substantial growth potential.
Third, insights from the enterprises that participated in the symposium indicate that the CPC Central Committee values "new quality productive forces" and technological innovation while demonstrating confidence in these sectors' development.
Six private entrepreneurs shared their perspectives at the symposium, focusing on strategies for encouraging the growth of private enterprises in the current environment, with five hailing from the tech industry.
The participants included not only large corporations but also young innovators in emerging fields such as intelligent robotics and artificial intelligence.
Though their enterprises are still in early stages, they are positioned for significant growth and technological breakthroughs, which may enhance their global competitiveness.
Looking ahead, it is anticipated that the government will implement a range of policy measures to bolster the private economy.
To start, the legislative framework for the private economy will be expedited. The Standing Committee of the 14th National People’s Congress will convene for its 14th session in Beijing from February 24 to February 25.
The draft law aimed at promoting the private economy will be deliberated as part of this session's agenda, following proposals made at the meeting of the Council of Chairpersons of the NPC Standing Committee.
Secondly, there will be a concerted effort to tackle the challenges that private enterprises face, such as unequal access to production resources, barriers to market competition, financing difficulties and high costs, delayed payments, unauthorized fees and fines, arbitrary inspections, and unlawful seizures.
Thirdly, a positive and transparent relationship between government and business must be further established. CPC committees and governments at all levels need to ensure the effective enforcement of policies without compromise.
As the future unfolds, the Chinese government encourages private enterprises and entrepreneurs to remain committed to patriotism, focus on development, conduct operations legally and intelligently, and work towards collective prosperity.
Through these efforts, private enterprises are expected to make significant contributions to advancing Chinese modernization. With the revitalization of the private economy, China's economy can achieve robust and sustainable growth.
Anna Muller for TROIB News
