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New bureau signals China's strong support for private economy

Updated: Nov 14, 2023 Xinhua Print
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China's founding of a new bureau sends a clear signal of support for private economy development, guest speakers told the China Economic Roundtable hosted by Xinhua News Agency.

Wei Dong, head of the private economy development bureau, told Xinhua that the establishment of the bureau, as a special working organization to promote the development and growth of the private sector, provides a strong guarantee for promoting its high-quality development.

"It is our founding mission to serve the development and growth of the private sector wholeheartedly," said Wei, adding that "the bureau and private enterprises belong to one family."

Wei, speaking during the roundtable talk, highlighted the bureau's function of providing services to the private economy, noting that the main responsibilities of the bureau include staying on top of the development of the private economy, focusing on its needs and coordinating and organizing the formulation of policies and measures to promote its development, and providing policy incentives to promote the growth of private investment.

The bureau will also be responsible for establishing a mechanism for regular communication with private enterprises, coordinating efforts to solve major problems concerning the development of the private economy, and working toward enhancing its international competitiveness, according to Wei.

To that end, the bureau has taken concrete measures in its latest moves, said Wei. For example, it has put local government support for the development of the private sector onto the list of matters to be annually supervised by the State Council, and rewards will be given to those excelling in this regard.

Wei put forward two keywords -- "crucial" and "indispensable" in describing the private economy's role in China, saying that it is not only where entrepreneurship and employment mainly grow and expand, but also an essential incubator of technological innovation and an important source of tax revenue.

"The status and role of the private economy will become more and more important," said Wei.

In the first three quarters of this year, the yuan-denominated imports and exports of private enterprises increased by 6.1 percentage points, accounting for 53.1 percent of the total value of China's imports and exports, proving a definite stabilizer of foreign trade, said Wei.

Zhou Zhen, president of Guangzhou Hexin Instrument Co., Ltd., told Xinhua that the private sector is one of the most important elements of the national economy and a major force for scientific and technological innovation in the country.

"Given that the private economy is actively exploring new driving forces for economic transformation, new tracks for emerging economies, and new ways of common prosperity, I believe that the private economy is an 'active explorer' of China's high-quality economic development," said Wei Chu, deputy head of the School of Applied Economics, Renmin University of China, during the roundtable talk.

China Economic Roundtable is an all-media talk platform launched by Xinhua News Agency, with the second episode featuring the Chinese private economy.

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