China has introduced comprehensive policies to support the development of the private economy. Foreign media: Key Moments: Senior Management | Support | Key Moments

China's private economy is experiencing significant benefits. Recently, the Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting the Development and Growth of the Private Economy was released, which laid out a blueprint and pointed out the direction for the private economy to promote Chinese path to modernization and achieve high-quality development. It is affectionately referred to as the "31 private economy regulations" by the people.

The development of private economy is constantly deepening with the deepening of reform and opening up. Nowadays, when it comes to the contribution of the private economy, people usually describe it as "56789", which means that the private economy contributes more than 50% of China's tax revenue, more than 60% of China's GDP, more than 70% of technological innovation achievements, more than 80% of urban labor employment, and more than 90% of the number of enterprises. The advantages and scale of private economic development are evident.

For many years, the Party and government have always emphasized their support for the development of the private economy: in 2005, they introduced the "36 Non Public Economy Regulations", in 2010 they introduced the "New 36 Non Public Investment Regulations", and in 2019 they introduced the "28 Private Enterprises Regulations". The report of the 20th National Congress of the Communist Party of China clearly proposes to promote the development and growth of the private economy; The Central Economic Work Conference held at the end of last year also proposed to "lower the requirement of equal treatment of state-owned and private enterprises from the system and law, and encourage and support the development and growth of private economy and private enterprises from the policy and public opinion.". Until the promulgation of the "31 Measures for the Private Economy", the country has consistently attached greater importance to the private economy.

The newly issued "31 Articles on Private Economy" not only continues the keynote of support for private economy in the past, but also has epoch-making significance: it further improves the status of private economy, and calls private economy as a fresh force to promote Chinese path to modernization, an important foundation for high-quality development, and an important force to promote China to build itself into a socialist modernization power in an all-round way and achieve the second century goal. The comments on the website of Singapore's Lianhe Zaobao also believe that this is the most comprehensive policy to support the development of private economy issued by China's top management since the reform and opening up.

In fact, the introduction of the "31 Measures for Private Economy" also has practical urgency. The economic data in the first half of the year shows that the Chinese economy is steadily recovering, but the endogenous growth momentum is still insufficient, and there is still too much uncertainty in the external environment. Some scholars believe that Chinese private enterprises are currently facing three core problems: lack of funds, lack of confidence, and lack of confidence. Confidence is even more precious than gold and requires official efforts to cheer and boost the private economy.

The guidance issued this time focuses on the pain points and difficulties in the development of private enterprises, and proposes multiple specific measures from the aspects of the development environment, policy support, rule of law guarantee, and promoting the healthy growth of private economic personnel, which can be regarded as a timely rain. Foreign media and industry insiders highly praise this.

According to an article on the website of the South China Morning Post in Hong Kong, China is finding ways to boost its economy, determined to improve the business environment and solve practical difficulties, in order to prevent the confidence of private enterprises from wavering. Associate Professor Wu Muluan from the Lee Kuan Yew School of Public Policy at the National University of Singapore pointed out that the guidance was issued at a "critical moment". Frederick Neumann, Chief Asia Economist at HSBC, said that these 31 opinions indicate that the central government is sending a strong signal to local authorities to recognize the importance of promoting private economic development.

The signals sent by Chinese executives were quickly received by private entrepreneurs. The Financial Times website has noticed that private entrepreneurs in China have come to the forefront, praising the government's efforts to restore confidence in private enterprises. For example, the founder of Tencent, Ma Huateng, wrote in a lengthy article on official media that the support of senior management for the private economy has "greatly inspired and uplifted" him, "strengthening everyone's confidence in becoming a better and stronger enterprise."; Lei Jun, CEO of mobile phone manufacturer Xiaomi Group, said that this document sends a "clear policy signal" to promote private enterprises to pursue "high-quality development and contribute to technological modernization.".

Pan Gang, Chairman of Yili Group, said that the Opinion proposes a series of major measures to make private enterprises more confident in investment and development, more motivated in production and operation, and more confident in planning goals. It is understood that Yili Group will rely on the National Dairy Technology Innovation Center to carry out core technology research and development in the dairy industry, continuously improve independent innovation capabilities, and ensure that milk bottles are firmly held in the hands of the Chinese people.

The "31 Measures for Private Economy" introduced this time are problem oriented, aiming to address the current practical concerns of private enterprises and lay an institutional foundation for their sustainable development in the future. Industry insiders believe that as a private enterprise, it is necessary to have a sense of urgency to seize the opportunity and innovate to lead development, accelerate the consolidation and optimization of industries, focus on solving the bottleneck problem, continuously create economic wealth and social value, and promote sustainable development of the industry.