The 16th issue of the Qiushi journal will feature an important article by Xi Jinping, General Secretary of the Communist Party of China Central Committee, President of the State, and Chairman of the Central Military Commission, titled “Promoting the Healthy and High-Quality Development of the Private Economy.”
The article emphasizes that private enterprises have flourished alongside the great course of reform and opening up. Over the decades, the Party’s theory and practice regarding the role of the private economy in reform, opening up, and socialist modernization, as well as the Party and state’s policies for its development, have remained consistent while advancing with the times. The Communist Party of China leads the people in developing a socialist market economy, where the non-public sector is a vital component protected by the Constitution and laws. The Party and state uphold and improve the basic socialist economic system, unwaveringly consolidating and developing the public sector while encouraging, supporting, and guiding the non-public sector. They ensure equal access to production factors, fair market competition, and equal legal protection for all types of ownership, fostering complementary strengths and shared development. These fundamental policies are enshrined in the socialist system with Chinese characteristics and reflected in the Constitution and Party Charter, ensuring their continued implementation without change.
The article notes that the private economy has vast prospects in the new era. China’s private sector has achieved significant scale, strength, innovation, and competitiveness, laying a solid foundation for high-quality development. With favorable political, economic, and social conditions, private enterprises and entrepreneurs are well-positioned to thrive. They should align their thinking and actions with the Party Central Committee’s assessment of domestic and international situations and its economic policies, maintaining confidence and resilience amid challenges.
The article calls for concrete implementation of policies to support private economic growth. Decisions by the Party Central Committee must be executed resolutely without delay or compromise. Key measures include: (1) Removing barriers to equal access to production factors and fair market competition, ensuring private enterprises can enter non-restricted sectors and participate in infrastructure and key projects. Efforts to ease financing difficulties must continue. (2) Addressing overdue payments to private enterprises by accelerating debt clearance and strengthening legal accountability. (3) Protecting the lawful rights of private businesses and entrepreneurs, cracking down on misconduct while preventing abusive enforcement. (4) Delivering targeted relief policies with precision and coordination. (5) Fostering a clean, proactive government-business relationship, balancing support with integrity.
The article urges private enterprises and entrepreneurs to embrace their historic role, driving innovation, upgrading quality, and enhancing competitiveness. They should modernize corporate governance, uphold lawful and ethical practices, and fulfill social responsibilities—including fostering labor harmony and contributing to national development. By pursuing high-quality growth and self-reliance, they can strengthen their role in advancing Chinese modernization.
