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Guiding the Correct Direction for Private Economy’s Development

By Qiu Ping Source: Updated: 2023-06-01

To uphold innovation-driven development

Innovation is the primary driver of growth. Chinese private enterprises should take the path of innovation-driven development, seize opportunities for digitization, networking, and intelligence, adapt to the green development, grasp the trend toward standardization in development, and cultivate the new development arenas and new competitive advantages. In the process of guiding enterprise growth, China will bolster the material foundation for the modernization and people’s happy lives.

To strive to promote common prosperity

Private enterprises and entrepreneurs are not only beneficiaries but also practitioners of the great cause of advancing common prosperity. China should guide private entrepreneurs to follow the people-centered philosophy of development, focus on helping to shrink gaps in urban and rural development, regional development, and income distribution, and uphold the idea that those who are prosperous first should help others on their way to prosper. China will encourage them to improve the mechanisms for reasonable increases in employee wages, engage with national strategies and regional development strategies, and dedicate themselves to rural revitalization and the Guangcai Program, which aims to unite and encourage private entrepreneurs to repay society by projecting investment to help poor areas to alleviate poverty and achieve common prosperity. Chinese private entrepreneurs should actively support charitable causes, and act as leaders in achieving prosperity through hard working, lawful operation and starting from scratch. China will make development more balanced, coordinated and inclusive.

To participate in high-standard opening up

Chinese private entrepreneurs are encouraged to root themselves in China and set their sights on the world, involving themselves deeply in the global industrial division of labor and cooperation, and the high-quality development of the Belt and Road Initiative. They should be assisted to grasp international demand, adapt to international rules, shape international standards, and expand international markets, as well as to improve the international competitiveness and reputation of Chinese products, manufacturing and brands. Through trade exchanges and mutually beneficial cooperation, effectively convey Chinese narratives to the world and contribute to the world’s common prosperity and peaceful development.

To accelerate the shift to green and low-carbon development

Private enterprises should incorporate green development into their long-term strategies, assimilate the idea of green development and conservation into their own corporate cultures, and accelerate building and integrating into green industrial chains. China will guide private companies to utilize green finance support policies, accelerate R&D on green and low-carbon technologies and products, and participate in pollution prevention and control.