Editorial | Xi again makes clear that private sector has leadership’s backing
President’s meeting with leading China entrepreneurs signals support for them playing a key role in transformation to new economy
On a number of counts, President Xi Jinping’s meeting with China’s leading entrepreneurs is the clearest indication yet that the private sector has the full support of the country’s leaders, and that they recognise its importance to Beijing’s overall strategy.
It was the first such meeting since 2018. It was co-hosted by three other members of the Politburo Standing Committee, including Premier Li Qiang, and attended by all relevant officials. And most prominent business leaders were invited – the majority from the tech sector.
On the same day, further evidence that the state has the private sector’s back was to be found in a People’s Supreme Court directive demanding greater legal protection for business enterprises against malicious slandering.
And at the “two sessions” of China’s parliament next month, a key agenda item is legislation to promote the private economy, with more policy initiatives expected.
Xi pledged that national policy promoting the private economy was a long-term mission objective. While it may face some short-term structural difficulties, these were cyclical.
The best times remained ahead for Chinese entrepreneurs. He spelled out what was expected of the private sector and the government to realise the former’s full potential. He encouraged businesspeople to improve governance, invest more in innovation and research and increase their competitiveness – all key to China’s economic restructuring.