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Original Title: Xi Jinping Emphasizes at the Symposium on Private Enterprises

The development prospects of the private economy are broad and promising

It is time for private enterprises and private entrepreneurs to show their talents

Li Qiang and Ding Xuexiang attended, with Wang Huning presiding.

Xi Jinping, General Secretary of the Communist Party of China Central Committee, President of the State, and Chairman of the Central Military Commission, attended a symposium for private enterprises in Beijing on the morning of the day and delivered an important speech. He emphasized that the fundamental policies of the Party and the state for the development of the private economy have been incorporated into the system of socialism with Chinese characteristics, and will be consistently upheld and implemented without change. The prospects for the development of the private economy in the new era and on the new journey are vast and promising, and it is the right time for private enterprises and entrepreneurs to showcase their capabilities. It is necessary to unify thoughts, strengthen confidence, and promote the healthy and high-quality development of the private economy. He hopes that private enterprises and entrepreneurs will harbor aspirations to serve the country, focus on development, operate lawfully and wisely, and promote common prosperity by leading the way in wealth creation, making new and greater contributions to advancing Chinese-style modernization.

Li Qiang, Member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, and Ding Xuexiang, Member of the Standing Committee of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, attended the symposium. Wang Huning, Member of the Standing Committee of the Political Bureau of the CPC Central Committee and Chairman of the National Committee of the Chinese People's Political Consultative Conference, presided over the symposium.

At the symposium, representatives from private enterprises, including Ren Zhengfei, CEO of Huawei Technologies Co., Ltd., Wang Chuanfu, Chairman of BYD Co., Ltd., Liu Yonghao, Chairman of New Hope Group Co., Ltd., Yu Renrong, Chairman of Shanghai Will Semiconductor Co., Ltd., Wang Xingxing, CEO of Hangzhou Unitree Technology Co., Ltd., and Lei Jun, Chairman of Xiaomi Corporation, delivered speeches. They provided opinions and suggestions on promoting the development of the private economy under new circumstances.

After listening to everyone's speeches, Xi Jinping delivered an important address. He stated that private enterprises have flourished alongside the great course of reform and opening up. Over the decades, the understanding of the status and role of the private economy in the cause of reform, opening up, and socialist modernization, as well as the Party and state's policies for the development of the private economy, have been consistent and evolving with the times in both theory and practice. The Party and state adhere to and improve the basic socialist economic system, unwaveringly consolidate and develop the public sector of the economy, and unwaveringly encourage, support, and guide the development of the non-public sector. The Party and state ensure that all types of ownership economies use production factors equally according to law, participate in market competition fairly, and are equally protected by law, promoting the complementary advantages and common development of all types of ownership economies, and fostering the healthy development of the non-public sector and the healthy growth of individuals in the non-public sector.

Xi Jinping pointed out that China's private economy has now reached a considerable scale and holds significant weight, laying a solid foundation for promoting high-quality development of the private economy. In the new era and on the new journey, China's social productivity will continue to leap forward, the living standards of the people will steadily improve, and reform and opening-up will be further comprehensively deepened. In particular, the rapid development of education and technology, a large and high-quality talent pool and labor force, a well-matched industrial and infrastructure system, and the enormous market potential of a population of over a billion people bring many new opportunities and provide greater development space for the private economy. The socialist system with Chinese characteristics has multiple significant advantages, and the continuous improvement and perfection of the socialist market economy system and the socialist legal system with Chinese characteristics will provide stronger guarantees for the development of the private economy.

Xi Jinping emphasized that the current difficulties and challenges faced by the development of the private economy are generally emerging in the process of reform and development, and industrial transformation and upgrading. They are partial rather than overall, temporary rather than long-term, and can be overcome rather than unsolvable. It is necessary to unify thoughts and actions with the Central Committee's judgment of the domestic and international situation and its decisions and arrangements for economic work. In the face of difficulties and challenges, we should see prospects, brightness, and the future, maintain development momentum, enhance development confidence, and keep the spirit of striving to win.

Xi Jinping pointed out that the current focus of promoting the development of the private economy is to solidly implement the policy measures that encourage the growth of the private sector. Decisions made by the Party Central Committee must be resolutely executed without any compromise. It is essential to resolutely eliminate all obstacles that hinder the equal use of production factors according to law and fair participation in market competition, continuously promote the fair opening of competitive areas in infrastructure to all types of business entities, and continue to make great efforts to solve the problems of difficult and expensive financing for private enterprises. Efforts should be made to address the issue of unpaid debts to private enterprises. It is necessary to strengthen law enforcement supervision, focus on rectifying arbitrary charges, fines, inspections, and seizures, and effectively protect the legitimate rights and interests of private enterprises and entrepreneurs according to law. At the same time, it should be recognized that China is a socialist country governed by the rule of law, and illegal activities by enterprises of all types of ownership cannot evade investigation and punishment. It is important to conscientiously implement various relief policies, improve the precision of policies, pay attention to comprehensive policy measures, and treat all enterprises equally. It is necessary to further build a clean and close government-business relationship. Party committees and governments at all levels should base themselves on reality and coordinate the implementation of policy measures to promote the development of the private economy.

Xi Jinping emphasized that enterprises are the main entities in business operations, and the internal driving force for enterprise development is paramount. The vast number of private enterprises and entrepreneurs should be filled with entrepreneurial and patriotic passion, continuously elevate their ideals, deepen their national sentiments, reflect on their origins and strive for progress, promote the spirit of entrepreneurship, focus on strengthening, optimizing, and expanding their enterprises, and steadfastly act as builders of socialism with Chinese characteristics and promoters of Chinese-style modernization. They must unwaveringly follow the path of high-quality development, adhere to their main business, strengthen their industries, enhance independent innovation, transform development methods, continuously improve the quality, efficiency, and core competitiveness of enterprises, and strive to contribute more to promoting technological innovation, cultivating new productive forces, building a modern industrial system, comprehensively advancing rural revitalization, promoting coordinated regional development, and ensuring and improving people's livelihoods. They should improve corporate governance structures in accordance with the requirements of modern enterprise systems with Chinese characteristics, standardize shareholder behavior, strengthen internal supervision, improve risk prevention mechanisms, continuously refine the use, management, and protection mechanisms of production factors such as labor, talent, knowledge, technology, capital, and data, and pay attention to the cultivation of enterprise successors. They must adhere to honest and lawful operations, establish correct values and ethics, and promote the healthy development of the private economy through practical actions. They should actively fulfill social responsibilities, actively build harmonious labor relations, focus on ecological and environmental protection, participate in public welfare and charity as much as possible, and contribute more love to society.

Shi Taifeng, Li Shulei, He Lifeng, Wu Zhenglong, and Mu Hong attended the symposium.

Officials from relevant departments of the central and state organs, leaders of the All-China Federation of Industry and Commerce, and representatives of private enterprise executives attended the symposium.

Source: Business Micro News

Editor/Sun Nan

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