President Xi urges high-quality development of private economy

Beijing, The Gulf Observer: As an important part of China’s economic development, the private sector contributes over 60 percent of the gross domestic product (GDP), over 50 percent of the total tax revenue and over 80 percent of urban employment, besides more than 70 percent of technological innovations and 90 percent of market entities in China, according to the National Development and Reform Commission.

Chinese President Xi Jinping on Monday reaffirmed the country’s support for the private sector and urged proper guidance for its healthy and high-quality development.

Xi made the remarks when visiting national political advisers from the China National Democratic Construction Association and the All-China Federation of Industry and Commerce, who are attending the first session of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC).

He joined their joint group meeting, and listened to their comments and suggestions.

Promoting private economy with various measures

Efforts are needed in improving the environment for the development of private enterprises, removing institutional obstacles that prevent them from participating in fair market competition, and safeguarding the property rights of private enterprises and the rights and interests of entrepreneurs in accordance with the law, Xi said.

He stressed the importance of treating state-owned and private enterprises equally, calling for efforts in encouraging and supporting the growth of the private economy and enterprises to boost market expectations and confidence.

High-quality development puts forward higher requirements for the development of the private economy, he added.

Private enterprises should practice the new development philosophy, and have a deep understanding of the shortcomings and challenges in the development of the private economy, he noted.

Private enterprises should change the mode of development, adjust the industrial structure, change the driving force for growth, and consciously follow the path of high-quality development, he added.

Highlighting that Chinese modernization is the modernization of common prosperity for all, he said that both state-owned and private enterprises are important forces for promoting common prosperity and must shoulder the social responsibility for promoting common prosperity.

Great achievements made against challenges

The year 2022 was an extremely important and critical year in the history of the Party and the country, Xi said.

“We implemented the new development philosophy in a complete, accurate and comprehensive way, put forth efforts to build a new development pattern and promote high-quality development,” he said.

With global inflation reaching its highest level in over 40 years, China’s overall price level remained stable, and the economy grew by 3 percent for the whole year, which was high among the world’s major economies, said Xi.

Noting that the five years since the 19th CPC National Congress have been “extremely unusual and extraordinary”, he said that China’s external environment for development is changing rapidly, and there is an increase in uncertain and unpredictable factors.

In particular, the Western countries led by the United States have carried out all-round containment and suppression, which brought unprecedented and severe challenges to China’s development, he added.

Against challenges, achievements have been made, he said, listing examples such as China’s GDP growing at an average annual rate of 5.2 percent, winning the battle against poverty on schedule, and completing the building of a moderately prosperous society in all respects.

On behalf of the CPC Central Committee, Xi also extended greetings and sincere wishes to female deputies to the 14th National People’s Congress and female members of the 14th CPPCC National Committee as well as women workers at the Two Sessions and women of all ethnic groups from all walks of life on the Chinese mainland, in the Hong Kong and Macao special administrative regions, and in the Taiwan region, and also to all women compatriots overseas ahead of International Women’s Day.