Xi highlights key role for private sector
Author: CSEBA / China Daily
23rd April 2023
BEIJING - A key meeting presided over by President Xi Jinping on Friday adopted a policy document on encouraging the expansion of the private sector, and pledged to further level the playing field for businesses and offer them more tailored preferential policies.

Xi, who is also general secretary of the Communist Party of China Central Committee, underlined the need to leverage the comprehensive deepening of reform as the fundamental driving force of the Chinese path to modernization, during a meeting of the Central Commission for Comprehensively Deepening Reform.

Xi is also head of the commission. Li Qiang, Wang Huning and Cai Qi, who are members of the Standing Committee of the Political Bureau of the CPC Central Committee and deputy heads of the commission, attended the meeting.

The president noted that this year marks the beginning of the comprehensive implementation of the guiding principles of the 20th CPC National Congress, held in October last year, and the 45th anniversary of the nation's reform and opening-up.

He stressed the importance of adhering to the right direction, upholding fundamental principles, breaking new ground and making solid efforts in writing new chapters of reform and opening-up in the new journey.

The meeting, which adopted a guideline on assisting the growth of the private sector, called for steps to improve the business climate for the private sector and remove institutional barriers hindering private businesses' participation in market competition.

The policymakers at the meeting called on businesses to pursue higher-quality growth through their own reform, development, lawful operations, transformation and upgrading.

It is important to take into account the characteristics of the private sector in improving the methods of policy implementation, making policies more coordinated and ensuring various policies are targeted and directly beneficial to businesses, they said.

The policy document was the latest move by China's top leadership to boost the confidence of private businesses and promote their healthy and high-quality growth as the nation looks to cement its economic recovery.

During a meeting with national political advisers last month, Xi pledged steps to improve the business environment for the private sector, remove institutional barriers to level the playing field for private businesses and protect their property rights and interests.

The number of private businesses in China grew from 10.86 million in 2012 to 47 million last year, with such businesses accounting for over half of the nation's tax revenue, over 60 percent of GDP and more than 80 percent of urban employment, according to the All-China Federation of Industry and Commerce.

The meeting on Friday also adopted policy documents on strengthening the principal status of businesses engaged in scientific and technological innovation and bolstering and improving the management of State-owned economy.

Policymakers stressed the need to focus on major demand from national strategies and industries, scale up support for businesses' innovation and actively encourage the private sector to take part in major national innovation projects.

It is important to enable businesses to play a role in the innovation of core technologies and attain major breakthroughs in original technologies, they said.

The policymakers also underscored that China has promoted all-around, fundamental reform over the past decade and secured historic, revolutionary and trailblazing achievements.

No country or political party has had the political courage or taken the historic responsibility of pushing forward reform on such a large scale or magnitude within such a short period of time, they said.

Going forward, it is important to focus on the major issues facing China as it builds itself into a modern socialist nation while moving forward with reform, they added.

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