At a symposium on private enterprises held in Beijing on February 17, Chinese President Xi Jinping emphasized the pivotal role of the private economy in driving scientific and technological innovation, as well as industrial upgrading.

He called for stimulating private enterprises through policy support and institutional guarantees.

The symposium was yet another important gathering focused on private enterprises, following a similar meeting Xi had proposed and chaired in November 2018, highlighting his strong commitment to the private sector's development.

In China, private enterprises account for over 92 percent of all businesses, and they make up more than 92 percent of the country's hi-tech companies. This highlights the central role private businesses play in driving the country's economic growth, establishing the private economy as an essential part of the nation's economic landscape.

As China moves toward high-quality development and modernization, the private sector is poised for new opportunities and growth. This is an ideal time for private enterprises and entrepreneurs to fully utilize their capabilities.

This year is the final year of the 14th Five-Year Plan (2021-25) period and is an important time for further deepening reforms across the board. The overall economy is currently facing new challenges, and the private sector is experiencing some difficulties. 

The recent symposium on private enterprises has sent a clear message to private businesses and entrepreneurs. It encourages them to better understand the government's policies, boost their confidence and embrace innovation.

Governments at all levels in China are prioritizing the implementation of policies and measures to support the growth of the private economy. These initiatives aim to eliminate barriers that prevent equal access to production resources and ensure fair competition in the market. Additionally, they seek to protect the rights and interests of private enterprises and entrepreneurs in accordance with the law.

Entrepreneurs are encouraged to strengthen and expand their businesses while operating with integrity and transparency. They should actively fulfill their social responsibilities and foster harmonious labor relations. By doing so, they can make meaningful contributions to the healthy development of the private economy and promote high-quality economic and social progress.