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President Xi: Prospects for Development of Private Econ Broad & Promising; Right Time for POEs to Make Their Mark
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Chinese President Xi Jinping emphasized in a keynote speech at a symposium with private enterprises (POEs) in Beijing yesterday (17th) that the basic policies of the CCP and the country towards the development of the private economy have been incorporated into the system of socialism with Chinese characteristics and will be adhered to and implemented consistently. The development of the private economy has broad prospects and great potential, and it is optimal time for the majority of POEs and private entrepreneurs to make their mark. He remarked that China must unify its thinking, strengthen its confidence, and promote the healthy and high-quality development of the private economy. The President hoped that the majority of POEs and private entrepreneurs will have the ambition to serve the country, be dedicated to development, operate in accordance with the law and good business practices, and promote common prosperity while becoming rich first, so as to make new and greater contributions to promoting Chinese-style modernization. Xi also pointed out that the solid implementation of policies and measures to promote the development of the private economy is the current focus of work to promote the development of the private economy. Whatever the Chinese central government has decided must be resolutely implemented without compromise. Obstacles to the equal use of factors of production and fair participation in market competition in accordance with the law must be adamantly removed. Efforts must continue to be made to open up infrastructure in competitive areas to all types of business entities on an equitable basis. Vigorous efforts must continue to be made to solve the problem of POEs which find it difficult and costly to obtain financing. Efforts must be made to solve the problem of POEs which owe money. Law enforcement and supervision should be reinforced, with a focus on rectifying arbitrary fees, fines, inspections and seizures, while effectively protecting the legitimate rights and interests of POEs and entrepreneurs in accordance with the law. At the same time, Xi said it should be recognized that mainland China is a socialist country governed by law, where investigation of illegal acts by enterprises of all ownership types cannot be shunned. Relief policies should be implemented in earnest; policy precision should be improved; emphasis should be placed on comprehensive measures; and enterprises should be treated equally. At the symposium, six representatives of POE leaders, including Ren Zhengfei, CEO of Huawei; Wang Chuanfu, Chairman of BYD COMPANY (01211.HK)(002594.SZ); Liu Yonghao, Chairman of New Hope Group; Wang Xingxing, CEO of Hangzhou Yushu Technology; and Lei Jun, Chairman of XIAOMI-W (01810.HK), spoke in turn and put forward opinions and suggestions on promoting the development of the private economy under the new situation. AAStocks Financial News |
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