OPINION

Opinion: Bright Prospects Ahead for China’s Private Economy

By Caixin

Published: Feb. 24, 2025 5:28 p.m. GMT+8

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Xiaomi’s car factory is located in the Beijing Economic and Technological Development Zone. Photo: Xiaomi

President Xi Jinping laid out a comprehensive blueprint for private sector development at a symposium on Feb. 17. “In this new era, private enterprise has broad prospects, and it’s time for private entrepreneurs to demonstrate their capabilities,” Xi declared, in remarks that resonated deeply with the business community.

The symposium follows a similar meeting in November 2018. The intervening six years have seen dramatic changes in both domestic and international conditions, making it crucial to hear entrepreneurs’ perspectives on promoting private sector development under new circumstances.

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President Xi Jinping outlined a strategy for private sector growth, emphasizing the broad prospects and capabilities of private enterprises amid changing global conditions.
China’s private sector, including companies like Huawei and Alibaba, significantly contributes to the economy, driving innovation in areas like AI and new energy.
The symposium stressed maintaining unwavering commitment to policies supporting private businesses and highlighted the need for sound legal frameworks and effective policies to ensure fair competition and eliminate market barriers.

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Who’s Who

Huawei Technologies Co. Ltd.: Huawei Technologies Co. Ltd. is highlighted as a key example of China's technological transformation, having emerged as a formidable global competitor in strategic areas like artificial intelligence and new energy. The company was among the notable attendees at the symposium on private sector development, underscoring its significance in China's economy and its role in advancing the nation's productive forces and technological capabilities.

BYD Co. Ltd.: BYD Co. Ltd. is a leading private enterprise in China, exemplifying the country's technological transformation in strategic sectors like new energy. It attended a symposium on private sector development, indicating its significance in the Chinese economy. The company is recognized for its contributions to technological advancements and plays a critical role in China's shift towards high-quality private enterprise growth.

Alibaba Group Holding Ltd.: Alibaba Group Holding Ltd. is highlighted as one of the key attendees at the symposium, exemplifying China's technological transformation. The company is recognized as a major player in China's private sector, which contributes over 50% across major economic indicators. Alibaba's involvement in the meeting underscores its role in the significant development and global competitiveness of China's private industry in strategic areas such as technology.

Tencent Holdings Ltd.: Tencent Holdings Ltd. was one of the attendees at the symposium led by President Xi Jinping, indicating its significance in China's technological transformation. As a major private enterprise, Tencent contributes to China's substantial economic scale and supports the country's endeavors in strategic areas like artificial intelligence and new energy. The symposium highlighted the role of private companies like Tencent in advancing technological and economic development in China.

Contemporary Amperex Technology Co. Ltd.: Contemporary Amperex Technology Co. Ltd. (CATL) is highlighted in the article as one of the key companies exemplifying China's technological transformation. It is recognized for contributing significantly to the economy, particularly in strategic frontiers like new energy. The company represents the country's advancement in technology and private enterprise development, aligning with President Xi Jinping's blueprint for promoting high-quality growth within the private sector.

DeepSeek: The article mentions DeepSeek as one of the companies exemplifying China's technological transformation. However, it does not provide specific details about the company's activities or sector within the text.

Unitree Robotics: Unitree Robotics is highlighted as one of the exemplary private enterprises contributing to China's technological transformation. The company was one of the attendees at the symposium, which focused on promoting high-quality private sector development and emphasized the importance of private enterprises in strategic frontiers. The company's involvement underscores its role in advancing China's economic and technological progress within the current supportive policy environment.

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