Workers use a smart robotic arm as they race to finish an elevator order that will be shipped overseas, in a factory of YidaExpress Elevator Co in Huzhou, East China’s Zhejiang Province, on May 29, 2024. The elevator company now exports its products to more than 70 countries and regions. Photo: VCG

On Monday morning, a highly anticipated symposium was held in Beijing.

General Secretary Xi Jinping attended the symposium on private enterprises in Beijing and delivered an important speech. General Secretary Xi's important statements, including "the basic guidelines and policies of the CPC and the state on the development of the private sectors have been incorporated into the system of socialism with Chinese characteristics. They will be consistently adhered to and implemented; they cannot and will not be changed" and "the private sector enjoys broad prospects and great potential on the new journey in the new era. It is a prime time for private enterprises and entrepreneurs to give full play to their capabilities," have gained significant attention from the international community. Many media outlets noted that this reflects Beijing's support for the private economy, and international investors therefore have more positive expectations for China's stock market.

China's private enterprises have flourished alongside the great journey of reform and opening up. Looking back at the history of China's economic development, the private economy has contributed a lot. By the end of September 2024, the number of registered private companies nationwide had exceeded 55 million, with private enterprises accounting for 92.3 percent of the total number of enterprises; private companies accounted for 95 percent of all specialized and sophisticated small and medium-sized enterprises that produce new and unique products in the nation; in 2024, China's private enterprises recorded imports and exports totaling 24.33 trillion yuan, accounting for 55.5 percent of the total foreign trade value. These data indicate that, following the rapid development brought about by reform and opening up, especially in the new era, China's private economy has already formed a considerable scale and holds significant weight, making important contributions to the country's economic and social development.

As General Secretary Xi Jinping has profoundly pointed out, there is a solid foundation for promoting the high-quality development of the private economy. On the new journey of Chinese modernization, China's economy has a stable foundation, many advantages, strong resilience and great potential, with a huge market and a complete industrial system. China's education and science and technology sectors are also developing rapidly, with more young, more energetic and enterprising talents emerging. New industries and new growth points such as new energy, new materials and low-altitude economy are accelerating their development. In addition, a number of initiatives, including the formulation of private sector promotion law, are being promoted or have achieved results, while optimizing the business environment has also become a buzzword in many places' "first meeting of the new year." It can be said that the private economy now has broader prospects for development, and it is also a good time for the majority of private enterprises and entrepreneurs to show their talents.

Foreign media outlets have taken note of the participation and speeches of executives from private enterprises such as Huawei, BYD, and Unitree Robotics, which represent new quality productive forces. The keywords "innovation" and "confidence" were widely mentioned. From the "new trio" driving global green transformation and e-commerce that benefits users worldwide, to the viral success of DeepSeek and robotics, as well as the international acclaim for Black Myth: Wukong and Ne Zha 2 - wave after wave of Chinese private enterprises are using technology as their brush and innovation as their ink to write China's story in the global market, elevating China from a "technology adopter" to a "results sharer." This is both a result of the deep synergy between national strategic planning and market vitality, and a vivid testament to China's economic resilience and creativity.

The private economy in China is at a brand new historical starting point. With the accelerated evolution of a new round of technological revolution and industrial transformation, new quality productive forces are developing rapidly, and new technologies, industries, business formats, and models are continuously emerging. In China, a super-large market with a population of 1.4 billion, there is a massive new supply and demand emerging across numerous fields. As the efforts to further deepen reform comprehensively continue, various measures such as the construction of a nationwide unified market and the market-oriented allocation of factors are being implemented effectively. The long-anticipated private economy has entered a new and important phase, calling for entrepreneurs with ambition and a willingness to take risks to make new and greater contributions to advancing Chinese modernization.

China's reform and development have always advanced by addressing and overcoming challenges. It should be noted that while the current private economy is facing some difficulties and challenges, these issues are localized, temporary, and can be overcome. According to data, by the end of 2024, the Bureau of Private Economy under the National Development and Reform Commission, established in September 2023, had received a total of 2,266 valid issues reported by private enterprises. Among them, 1,097 have been processed and are being further tracked for effectiveness, while 1,169 are actively being addressed. Additionally, we have seen various regions establishing specialized agencies to promote the development of the private economy. As party committees and governments at all levels earnestly implement policies and measures to promote the development of the private economy, and as private enterprises and entrepreneurs remain dedicated to strengthening, optimizing, and expanding their businesses, we will surely continue to create new opportunities for the growth of the private economy.

The private economy is an important achievement of China's socialist market economy and a vital force in advancing Chinese modernization. This symposium has brought a new and powerful inspiration to Chinese society, encouraging a wide range of private enterprises and entrepreneurs to have a patriotic ambition, focus on development, operate lawfully and ethically, and promote common prosperity while achieving personal wealth. In a favorable environment where institutional guarantees continue to strengthen, innovative momentum accelerates, and market space expands, private enterprises will surely navigate the waves in the blue ocean of high-quality development.