(ECNS) -- The recent symposium on private enterprises offered a timely and powerful message that the leadership supports China’s leading tech firms, said Josef Gregory Mahoney, an American political science professor at East China Normal University, during an exclusive interview with China News Network.
The message will resonate with the private sector itself and serve as a warning to international governments targeting Chinese companies, Mahoney said.
The symposium on private enterprises was held on Monday, at which the top leadership reiterated China's commitment to boosting the private sector through concrete efforts.
Back to the third plenum of the 20th CPC Central Committee last year, a clear sense of direction had emerged regarding the need to establish a healthy relationship between public and private enterprises as both sectors play important roles in China’s economy, Mahoney noted.
In his point of view, both sectors possess distinct strengths: the private sector excels in innovation, while the public sector provides stability and security.
He highlighted that these must be supported as China moves forward with structural reforms while facing significant international uncertainties and the potential for black swans.
Mahoney also noted that China’s service sector presents many opportunities, especially given the growing needs of its aging population. Although these opportunities may not attract tech unicorns or easy financing, they can help boost employment and provide critical services, he said.
He suggested local governments avoid overemphasizing tech incubation and instead focus more on nurturing private enterprises that align with socialist values, such as those caring for the elderly.
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