Xi Jinping: The development prospects of the private economy are broad and promising, and it is the right time for private enterprises and private entrepreneurs to showcase their talents

Xinhua News Agency, Beijing, February 17 - On the morning of the 17th, Xi Jinping, General Secretary of the Communist Party of China, President of the country, and Chairman of the Central Military Commission, attended a symposium on private enterprises in Beijing and delivered an important speech. He emphasized that the basic guidelines and 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 adhered to and implemented, and cannot change, nor will they change. The development prospects of the private economy in the new era and on the new journey are broad and promising, and it is the right time for private enterprises and entrepreneurs to showcase their talents. We must unify our thoughts and strengthen our confidence to promote the healthy and high-quality development of the private economy. It is hoped that private enterprises and entrepreneurs will have a patriotic ambition, focus on development, operate lawfully and ethically, and promote common prosperity while becoming rich first, 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, six representatives of private enterprises, including Ren Zhengfei, CEO of Huawei Technologies Co., Ltd., Wang Chuanfu, Chairman of BYD Company Limited, Liu Yonghao, Chairman of New Hope Group Co., Ltd., Yu Renrong, Chairman of Shanghai Weir Semiconductor Co., Ltd., Wang Xingxing, CEO of Hangzhou Yushu Technology Co., Ltd., and Lei Jun, Chairman of Xiaomi Corporation, spoke in turn, offering opinions and suggestions on promoting the development of the private economy under the new circumstances.

After listening to everyone's speeches, Xi Jinping delivered an important speech. He stated that private enterprises have thrived alongside the great journey of reform and opening up. For decades, the understanding of the status and role of the private economy in the reform and opening up and socialist modernization, as well as the Party and the state's policies for the development of the private economy, have been consistent in theory and practice, keeping pace with the times. The Party and the state adhere to and improve the basic socialist economic system, unwaveringly consolidate and develop the public ownership economy, and unwaveringly encourage, support, and guide the development of the non-public ownership economy; the Party and the state guarantee that various ownership economies can equally use production factors, fairly participate in market competition, and receive equal legal protection, promoting the complementary advantages and common development of various ownership economies, and fostering the healthy development of the non-public economy and the healthy growth of non-public economic individuals.

Xi Jinping pointed out that the private economy in our country has now formed a considerable scale and holds significant weight, providing a solid foundation for promoting the high-quality development of the private economy. In the new era and on the new journey, China's social productivity will continue to rise, the living standards of the people will steadily improve, and reform and opening up will further deepen comprehensively, especially with the rapid development of education and technology, a large and high-quality talent pool and labor resources, a well-matched industrial system and infrastructure system, and the enormous market potential of over 1.4 billion people, bringing many new opportunities for the development of the private economy and providing greater development space. The system of socialism with Chinese characteristics has many significant advantages, and the socialist market economy system and the legal system of socialism with Chinese characteristics are continuously improving, which will provide stronger guarantees for the development of the private economyXi Jinping emphasized that the difficulties and challenges currently facing the development of the private economy are generally arising during the process of reform and development, industrial transformation and upgrading. They are localized rather than overall, temporary rather than long-term, and can be overcome rather than being unsolvable. We must unify our thoughts and actions with the Party Central Committee's judgment on domestic and international situations, and align with the Party Central Committee's decisions and deployments regarding economic work. In the face of difficulties and challenges, we should see the prospects, see the light, and see the future, maintain our determination for development, enhance our confidence in development, and uphold the spirit of striving for success.

Xi Jinping pointed out that solidly implementing policies and measures to promote the development of the private economy is the current focus of work in this area. Whatever the Party Central Committee has decided must be resolutely executed without compromise. We must decisively eliminate various obstacles to the equal use of production factors and fair participation in market competition, continuously promote the fair opening of competitive fields in infrastructure to all types of business entities, and continue to make great efforts to solve the problems of financing difficulties and high financing costs for private enterprises. We must focus on resolving the issue of overdue payments to private enterprises. We need to strengthen law enforcement supervision, concentrate on rectifying arbitrary charges, fines, inspections, and seizures, and effectively protect the legitimate rights and interests of private enterprises and entrepreneurs according to the law. At the same time, we must recognize that our country is a socialist rule-of-law country, and any illegal behavior by various types of ownership enterprises cannot evade investigation and punishment. We must earnestly implement various relief policies, improve the precision of policies, pay attention to comprehensive measures, and treat all enterprises equally. We should further build a close and clean relationship between government and business. Party committees and governments at all levels should base their actions on reality and coordinate the implementation of policies and measures to promote the development of the private economy.

Xi Jinping emphasized that enterprises are the main entities of operation, and the internal driving force for enterprise development is paramount. Private enterprises and entrepreneurs should be filled with entrepreneurial and patriotic passion, continuously elevate their ideals, deeply cultivate a sense of home and country, think of the source when rich, and think of progress when wealthy. They should promote the spirit of entrepreneurship, focus on strengthening, optimizing, and expanding their enterprises, and firmly become builders of socialism with Chinese characteristics and promoters of Chinese-style modernization. We must unswervingly follow the path of high-quality development, adhere to our main business, strengthen the real economy, enhance independent innovation, transform the development model, continuously improve enterprise quality, efficiency, and core competitiveness, and strive to contribute more to promoting technological innovation, cultivating new quality productive forces, building a modern industrial system, comprehensively advancing rural revitalization, promoting coordinated regional development, and ensuring and improving people's livelihoods. We should improve the corporate governance structure according to the requirements of the modern enterprise system with Chinese characteristics, standardize shareholder behavior, strengthen internal supervision, and establish sound risk prevention mechanisms, continuously improve the use, management, and protection mechanisms for production factors such as labor, talent, knowledge, technology, capital, and data, and pay attention to the cultivation of successors in enterprises. We must adhere to honest and lawful operations, establish correct values and moral views, and promote the healthy development of the private economy through practical actions. We should actively fulfill social responsibilities, actively build harmonious labor relations, ensure ecological and environmental protection, participate in public welfare and charity to the best of our ability, and contribute love to society.

Wang Huning, while presiding over the meeting, stated that General Secretary Xi Jinping's important speech fully affirms the significant achievements of the private economy and its important contributions to the country's economic and social development, emphasizing the need to correctly recognize the opportunities and challenges facing the development of the private economy, and has made comprehensive deployments for promoting the healthy and high-quality development of the private economy in the current and future periodsThe speech was lofty in intention, profound in thought, incisive in argument, and rich in connotation. We must earnestly study and comprehend it, and resolutely implement it. We should strengthen our confidence in development, enhance our overall awareness, systemic perspective, and spirit of the rule of law, ensuring that all policies are effectively implemented, and strive to create a new situation for the development of the private economy.

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

Relevant departments of the central and state organs, responsible comrades from the All-China Federation of Industry and Commerce, and representatives of private enterprises participated in the symposium.

Source: Xinhua News Agency