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Buzzword: 2023 Two Sessions Episode 9: Private Sector


Chongqing - You are watching Buzzword: 2023 Two Sessions. This is Bridget from Bridging News.

 The buzzword of the day is “Private Sector”.

On March 6, President Xi Jinping, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, sat down with national political advisors from the China National Democratic Construction Association and the All-China Federation of Industry and Commerce and attended the joint group meeting. Xi urged proper guidance for the healthy and high-quality development of the private sector.

Xi stressed that the CPC Central Committee always unswervingly consolidates and develops the public sector, and unswervingly encourages, supports, and guides the development of the non-public sector.

Xi hailed the private sector as an important force in the endeavor to realize the two centenary goals and the Chinese Dream of national rejuvenation. Efforts should be made to optimize the environment for private enterprises' development, remove institutional barriers that impede their participation in market competition in a fair manner, protect their property rights and the rights and interests of entrepreneurs in accordance with the law, and ensure the equal treatment of private enterprises and state-owned enterprises.

Xi said that private firms should take the initiative to pursue high-quality development. The investment of private capital should be energized, and more private capital should be encouraged and attracted into major state projects and key industrial and supply chain projects.

This years Government Work Report also mentioned that we should encourage and support the private sector and private businesses in growing and expanding and support micro, small, and medium enterprises and self-employed individuals in business development.

During the ongoing two sessions, legislators and political advisors have also expressed their desire to support and stimulate China's private sector. They have said a favorable business environment is key to enabling private enterprises in taking bolder approaches and focusing on their development, and that Chinese private enterprises are the main force of high-quality development, which contributes to the national economy.

China's private sector has grown vigorously since 2012. The number of private enterprises increased from 10.86 million at the end of 2012 to 47.01 million by the end of August 2022.

Explain the 2023 Two Sessions Buzzword, read public opinions and expectations, and understand the demands of the new era. This is Bridget from Bridging News. See you tomorrow.


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