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China's private enterprises bullish on back of policies

Updated: Mar 7, 2023 By Cheng Yu chinadaily.com.cn Print
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Qi Xiangdong, a member of the 14th National Committee of the Chinese People's Political Consultative Conference, is interviewed ahead of the second plenary meeting of the first session of the 14th CPPCC National Committee at the Great Hall of the People in Beijing, March 7, 2023. [Photo/Xinhua]

China's private companies, specifically small and medium-sized enterprises, are upbeat about their development prospects and the country's economic recovery with the government's supporting policies in developing private economy, said a political adviser at the ongoing two sessions on Tuesday.

"Private entrepreneurs are inspired to grow our business bigger, better and stronger, as we feel the country's firm determination in supporting the development of the private economy," said Qi Xiangdong, a member of the 14th National Committee of the Chinese People's Political Consultative Conference.

Qi, who is also Chairman of Chinese cybersecurity company Qi-Anxin Technology Group, said that such confidence also came from the resilience of the Chinese economy, the institutional advantages of the socialist market economy, a huge market, and a complete system of production as well as continuous innovation.

"All these offer a broader space and rarer opportunities for private enterprises to grow," he added.

A worker checks the operation of a carbon fiber production line at a factory in Lianyungang, Jiangsu province. [Photo by Geng Yuhe/for China Daily]

Qi said that over the past few decades, the country's private economy has become an important part of the socialist market economy and a fresh driver of economic development; and has played an important role in stabilizing growth, boosting employment, benefiting people's livelihood, promoting innovation, and common prosperity.

"Though private enterprises, especially SMEs, are faced with unprecedented challenges amid COVID-19 disruptions, the government has launched a series of policies like financial support and measures to optimize business environments to greatly relieve difficulties and boost our confidence," he said.

Last year, China's tax refunds, as well as tax and fee cuts and deferrals, exceeded 4.15 trillion yuan ($620 billion), Qi noted.

"It is also with such support that a large number of private enterprises, including us, didn't cut wages and worked hard to stabilize jobs and ensure supply, which has helped drive economic recovery and development," he added.

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