Since the commencement of economic reforms in late 1978, China's market-oriented economy has experienced rapid development. Today, as China's market economy enters a new era, the Chinese government, in April of this year, emphasized the importance of fair competition among enterprises of all types of ownership. In July, the Opinions on Promoting the Development and Growth of the Private Economy (hereinafter referred to as the "Opinions") was released. This document fully acknowledges that "the private economy is a driving force for China's path to modernization, a crucial foundation for high-quality development, and a significant contributor to China's comprehensive transformation into a great modern socialist country." The Opinions outlines the need to support the growth and strengthening of the private economy, enabling it to undertake greater missions, assume increased responsibilities, and play a more significant role in the historical process of the great rejuvenation of the Chinese nation.

A staff member is working at the workshop of an optoelectronic enterprise in the Fuzhou National Hi-tech Industrial Development Zone in Fuzhou, the capital of Fujian Province, Aug. 15, 2023. [Photo by Wang Wangwang/China News Service]

Government support for private economy

As early as the Fifth Plenary Session of the 18th Central Committee of the Communist Party of China (CPC) in 2015, there was an emphasis on "encouraging private enterprises to enter more fields in accordance with the law, introducing non-state-owned capital to participate in state-owned enterprise reform, and better stimulating the vitality and creativity of the non-public economy." The 19th National Congress of the CPC held in 2017 solidified these principles as the "two unwavering principles," forming the basic strategy for adhering to and developing socialism with Chinese characteristics in the new era. The 20th National Congress of the CPC held in 2022 explicitly proposed "providing an enabling environment for private enterprises, protecting their property rights and the rights and interests of entrepreneurs in accordance with the law, and facilitating the growth of the private sector," setting new requirements for the private economy's role in the nation's development.