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Symposium injects confidence in private sector

By Li Jianglong | chinadaily.com.cn | Updated: 2025-02-19 16:09
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Humanoids of Unitree Robotics at the World Robot Conference in Beijing in August. CHINA DAILY

A symposium on private enterprises, where President Xi Jinping called for efforts to promote the healthy and high-quality development of the private sector, was held on Monday. Amid global economic uncertainties and technological transformation, the agenda of the symposium not only reaffirmed China's commitment to develop the private sector but also made clear the comprehensive policy to facilitate innovation-driven growth.

The symposium highlighted three fundamental principles. First, China will continue to consolidate and develop the public sector while equally supporting the private sector's growth. Second, the country will ensure that all businesses of different ownership have equal access to production factors and are engaged in fair competition. And third, the government is committed to protecting the legitimate rights of private enterprises through legal means.

The significance of the symposium extends beyond mere economic policy — as a strategic response to the evolving global landscape where technological supremacy and innovation capabilities have come to determine countries' competitiveness. As traditional advantages in manufacturing and labor costs gradually diminish, China's private sector is being urged to spearhead the country's transition toward an innovation-led economy.

Held shortly after the Spring Festival holiday, traditionally a period when businesses devise their annual policy, the symposium was aimed at boosting the confidence of and supporting private enterprises. The timing of the meeting, along with the diverse nature of the participating companies, reflects Beijing's strategic vision for the private sector's role in advancing Chinese modernization.

The meeting brought together an impressive array of business leaders, from established tech giants such as Huawei and BYD to rising stars in field of cutting-edge technology — with a prominent example being DeepSeek, a young AI company that has achieved remarkable breakthroughs in natural language processing in a relatively short time. Another standout participant was Unitree Robotics (Yushu Keji in Chinese), whose robotic innovation captured national attention during the 2025 Spring Festival Gala, with the performance of its "Yang BOT" showing how traditional culture can be reimagined and promoted through tech innovation.

These success stories represent more than isolated achievements; they exemplify a fundamental transformation of China's private sector. While companies such as DeepSeek and Unitree Robotics demonstrate China's growing high-tech prowess, equally significantly traditional industries are embracing innovation. The private sector's transformation from efficient manufacturers to innovation leaders is a crucial milestone in China's economic development journey.

President Xi's emphasis on private enterprises as vital forces advancing Chinese modernization signals a strategic elevation of their role, which transcends conventional economic metrics and reflects a deeper understanding of private enterprises as catalysts for technological advancement and social progress. Despite the current global uncertainties and market fluctuations, the symposium showed these challenges are stepping stones on the path to high-quality development.

The meeting's practical focus was especially noteworthy. Rather than celebrating achievements, it elaborated on how private enterprises can meet the pressing challenges. A significant part of the discussion was focused on concrete measures to improve the business environment, including eliminating barriers to fair market competition, opening up competitive infrastructure sectors to private capital, and addressing the issue of delayed payments to private enterprises.

The meeting also emphasized the importance of establishing a clear and proper government-business relationship. Such initiatives represent a significant step toward institutionalizing support for private enterprises and building long-term safeguards.

Financial support for the private sector was another critical subject of discussion. Inspired by Zhejiang province, a pioneer in private sector development, other provinces are exploring innovative solutions such as government-backed financing guarantee systems and supply chain financing models to address the problems of financing and rising costs for private enterprises, particularly small and medium-sized enterprises.

In examining the global context, the meeting's strategic timing is very significant. As the world grapples with the reorganization of supply chains and technological competition, Chinese private enterprises are well positioned to capitalize on these changes. That private enterprises have been urged to view the challenges as transformation opportunities reflects China's confident, forward-looking approach to global economic engagement.

The emphasis on emerging fields such as the digital economy and green development aligns perfectly with global trends. However, what sets China's approach apart is its integration of innovation with practical market needs. For instance, private enterprises are not just developing new technologies; they are devising ways to address the challenges facing urbanization, rural revitalization and environmental protection.

In fact, the symposium made it clear that the private sector can continue to prosper only if it gets strengthened legal protection, more support for technological innovation, and a better business environment. These priorities are expected to be further elaborated during the upcoming two sessions, with specific policy measures likely to follow.

Most important, the symposium signaled a deeper appreciation for the private sector's role in advancing Chinese modernization. The emphasis on legal protection represents a fundamental shift in supporting private enterprises. It's about giving institutional guarantees, rather than offering temporary policy fixes.

This evolution in thinking reflects China's commitment to develop a more sophisticated and resilient private sector. In the face of the complex global challenges and domestic economic transition, private enterprises are increasingly seen as important contributors to employment and growth, and major drivers of technological innovation and economic modernization.

The symposium's message is clear: China's private sector has entered a new phase of development, where innovation, legal protection and institutional support will combine to create a more dynamic and competitive business environment. As these initiatives take root, they will not only benefit Chinese enterprises but also contribute to global economic development by creating more businesses opportunities.

The author is a professor of economics at the School of Economics and Finance, Xi'an Jiaotong University. The views don't necessarily represent those of China Daily or the author's institute.

If you have a specific expertise, or would like to share your thought about our stories, then send us your writings at opinion@chinadaily.com.cn, and comment@chinadaily.com.cn.

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