EconoScope | Symposium on private enterprises releases three signals to boost high-quality development

(ECNS) -- A highly anticipated, high-level symposium on private enterprises that was held on Monday in Beijing sends a clear message of support for the growth of the private economy.

Xi Jinping, general secretary of the Communist Party of China Central Committee, also Chinese president and chairman of the Central Military Commission, attended the symposium, where he delivered an important speech.

The symposium, which greatly boosts the confidence of private enterprises and injects new momentum into the high-quality development of China's economy, can be viewed from three key perspectives.

First, Chinese central government’s stance is clear, and the support remains consistent.

This marks the second time since 2018 that the central government has convened a special symposium for private enterprises. Given the current challenges facing the private economy, this symposium reaffirms the government's strong commitment to supporting it.

In 2018, stressing that the private economy is an essential element of China's economic system, Xi said that "private enterprises and private entrepreneurs belong to our own family."

This symposium highlighted that the country's fundamental policies for developing the private economy will remain unchanged.

This unwavering support offers the greatest reassurance, providing solid political backing for private enterprises to invest with confidence and innovate boldly.

Second, in response to the current difficulties in private economic development, the symposium presented a comprehensive set of policy solutions.

As stated during the symposium, China remains focused on addressing the difficulties private enterprises face in securing affordable financing.

Xi also stressed the effective protection of the lawful rights and interests of private enterprises and entrepreneurs in accordance with the law.

In recent years, policies supporting the private economy have gained significant momentum. From the 31 specific measures outlined in a guideline to boost private sector growth to the proposal at the third plenary session of the 20th CPC Central Committee to formulate a law on promoting the private sector, these initiatives provide essential support to ensure the steady and long-term development of the private economy.

These measures have created a cohesive policy framework, effectively removing barriers to the development of private enterprises, from institutional structures to practical implementation.

Third, the symposium emphasized the importance of innovation in achieving high-quality development.

Among the entrepreneurs at the symposium, new faces drew attention, such as Wang Xingxing, the 1990-born CEO of Hangzhou-based Unitree Robotics.

Wang founded Unitree Robotics, the world's first company to publicly retail high-performance quadruped robots. At this year’s Spring Festival gala, Unitree’s robots amazed audiences with their traditional dance performances and ability to manipulate handkerchiefs.

The private sector has broad prospects and immense potential in the new era. It is a prime time for private enterprises and entrepreneurs to fully leverage their capabilities.

In the first three quarters of 2024, China established 2.718 million new private enterprises in the "four new economies" (new technologies, industries, business forms, and models), accounting for 40 percent of all newly registered private enterprises during the same period.

As companies like Unitree Robotics and DeepSeek break through technological barriers in specialized fields, and entrepreneurs from various generations collaborate to create innovation models, the private economy will play an even greater role in advancing Chinese modernization.