China's private economy has continued to grow steadily since the beginning of this year, with the number of private enterprises exceeding 58 million, accounting for more than 90 percent of all enterprises nationwide.
Imports and exports by private enterprises have maintained year-on-year growth for 21 consecutive quarters, further consolidating their role as the mainstay of China's foreign trade.
In addition, as of the second quarter of this year, the country's imports and exports by private enterprises had recorded year-on-year growth for 21 consecutive quarters, with the growth rate continuing to lead.
The private economy is a vital force in advancing Chinese modernization and an important foundation for high-quality development.
Chinese President Xi Jinping has always attached importance to the development of the private economy, calling for fully stimulating the vitality of investment and entrepreneurship in the whole society, and encouraging private enterprises to make greater achievements in scientific and technological innovation and high-quality development.
In February this year, Xi attended a symposium with private entrepreneurs and delivered an important speech, making comprehensive arrangements for promoting the sound and high-quality development of the private economy at present and in the period to come.
"President Xi's series of important remarks have clarified the overall direction and fundamental approach for the development of the private economy, effectively promoted the return and unleashing of entrepreneurial spirit, and truly enhanced people's confidence in development, enabling entrepreneurs to go into action with light burdens, focus on development, and engage in innovation and creation, thus becoming an important practical force in advancing Chinese modernization," said Li Zhiqi, executive council member of the Chinese Society for Study of the Private Economy.
With the promulgation and implementation of the Private Sector Promotion Law this year, the legal status of the private economy has been defined for the first time.
The items on the new negative list for market access have been further reduced, continuously expanding the space for enterprise development. The catalogue system of fees related to enterprises has been further improved. Special campaigns have been fully launched to regulate law enforcement involving enterprises.
In addition, the market environment for developing the private economy has been optimized further.
Since the beginning of this year, competitive fields in infrastructure have been opened up at a faster pace, and private enterprises have become increasingly active in major projects.
More than 3,200 high-quality projects have been launched in a concentrated manner, driving a 9.5-percent growth in private investment in infrastructure in the first half of the year.
Targeted financial support has been provided. By the end of June this year, through the coordination mechanism for supporting financing for micro and small enterprises, banks had extended 23.6 trillion yuan in new credit to relevant business entities.
On the innovation front, private enterprises have demonstrated strong vitality. More than 80 percent of the country's "little giant" enterprises specializing in niche sectors with cutting-edge technologies are private enterprises, and the proportions of private enterprises in the core industries of the digital economy and among national high-tech enterprises both exceed 90 percent.
At the same time, the international market competitiveness of the private economy has continued to improve. In the first half of the year, the import and export volume of private enterprises had exceeded 12 trillion yuan for the first time for the same period, up 7.3 percent year-on-year, accounting for 57.3 percent of China's total foreign trade, an increase of 2.3 percentage points from the same period of last year.
In particular, the export structure of private enterprises has continued to be optimized. In the first half of the year, 218 of China's top 500 enterprises in terms of import and export volume are private enterprises.
"In the next phase, the National Development and Reform Commission (NDRC) will fully implement the Private Economy Promotion Law, put into effect various relief policies, and promote the sound and high-quality development of the private economy," said Liu Min, deputy director of the Private Sector Development Bureau under NDRC.
China’s private economy maintains robust growth momentum, driving country's high-quality development
