Chinese entrepreneurs applaud guidance supporting private sector

Chinese entrepreneurs applaud a guideline to promote the development of the private sector unveiled by the government on July 19.

Issuing such guidance with 31 detailed measures is the Chinese government's latest step to boost support for private firms as a part of the country's larger driver to revive the economy amid downward pressures.

The measures include improving financing support policies and systems, protecting private firms' property rights as well as the rights and interests of entrepreneurs in accordance with the law.

Let's take a look at what the entrepreneurs say about the guideline.

The guideline has greatly encouraged entrepreneurs of private enterprises and further enhanced their confidence and determination to unswervingly run enterprises well, said Zong Qinghou, chairman of beverage maker Hangzhou Wahaha Group.

The guideline pointed out that private enterprises are "an important foundation for high-quality development", which makes private entrepreneurs feel excited and a strong sense of responsibility as well.

The company will accelerate transformation and upgrading in order to achieve high-quality development with solid efforts in the future.

"After carefully studying the content of the guideline, I have gained a deeper understanding of the country's encouragement for the development of the private economy, efforts to boost market confidence, and initiatives for national development and people's livelihood. I feel extremely supportive and encouraged by these measures", said Li Dongsheng, founder and chairman of TCL Technology Group Corp.

This year, TCL will make additional investments of 60 billion yuan ($8.33 billion), Li added.

The issuance of the guideline carries significant importance, which affirms the crucial role of the private economy in driving the Chinese path to modernization, said Li Ning, Chinese gymnastics champion and businessman.

This not only boosts the confidence and motivation of private enterprises to pursue high-quality development but also provides guidance for the growth and expansion of the private economy.

Li Ning Group will seize this opportunity to pursue high-quality development by placing sports technology innovation at the core and solidifying the foundation of professional sports.

The company will also promote cutting-edge technology research and the transformation of research achievements, Li said.

The guideline emphasizes the importance of strengthening the direct issuance and interpretation of policies to private enterprises and individual businesses, said Liu Yonghao, chairman of the agribusiness company New Hope Group.

This will help private entrepreneurs better understand the country's major policies, implement national policies, and enjoy policy benefits and incentives.

The guideline focuses on the high-quality development of the private economy and introduces a series of policy measures. These measures play a crucial role in inspiring and guiding private enterprises to have confidence, streamline operations and embark on bold development paths, said Ma Huateng, chairman and CEO of Tencent.

The guideline accurately and comprehensively assesses the challenges and opportunities faced by the private economy and private enterprises. The measures introduced are targeted and have instilled confidence in achieving high-quality development.

Currently, the wave of general artificial intelligence is surging and a new round of technological revolution is imminent, bringing significant opportunities for industrial transformation once again.

Taking the issuance of the guideline as an opportunity, the company will strengthen its focus on technological innovation, adhere to the principles of ethical technology, vigorously promote the integration of digital and real-world applications, and support the digital transformation of small and medium-sized enterprises, Ma said.

The issuance of the guideline has sent a clear policy signal guiding private enterprises to embrace new development concepts, said Lei Jun, founder and CEO of Xiaomi.

This has strengthened the determination of businesses to stay committed to their core operations and enhance their industrial strength. It has also bolstered their resolve to pursue high-quality development and contribute to technological modernization.

The guideline has far-reaching intentions, targeting the current opportunities and challenges faced by the private economy, said Fosun International Executive Director and Chairman Guo Guangchang.

"They have provided clear direction and boosted confidence for the development and growth of numerous private enterprises."

In areas such as optimizing the development environment, providing policy support and ensuring legal safeguards for the private economy, the guideline has implemented a series of institutional and mechanized arrangements.

The company will focus on improving its core capabilities, enhancing the quality and efficiency, and striving to promote high-quality development.

The issuance of the guideline is inspiring, gives people confidence and brings new historic opportunities for the high-quality development of the private economy, said Zhou Hongyi, founder of 360 Technology Co Ltd.

It once again sends a clear policy signal supporting the growth and expansion of the private economy. This not only effectively boosts the confidence and vitality of private enterprises, but also contributes to anchoring the Chinese path to modernization and propelling the Chinese economy towards stable and sustainable high-quality development.

The guideline is a new historic opportunity for high-quality development of the private economy, said Wang Jianlin, chairman of Dalian Wanda Group.

With the help of the guideline, China's private economy is expected to welcome a new development boom, Wang added.