The Spring to Come for Private Economy

China Financial Weekly Issue No. 5, 2019

On February 13, Zhang Tianren, a deputy to the National People’s Congress (NPC) and board chairman of the Tianneng Group, conducted the first investigation after the Spring Festival in Changxing County, Zhejiang Province. It focused on the development of the private economy over the past four months. He hopes to put the results of his research in the proposals to the NPC and really help private enterprises solve the problems they are facing.

On November 1, 2018, Chinese President Xi Jinping presided over a private enterprise symposium. During the symposium, he not only assuaged private entrepreneurs’ anxiety and uncertainty about the development direction, but also clearly laid out six measures to support private enterprises, including the reduction of corporate taxes and fees, solving the problem of financing difficulties for private enterprises, creating a level playing field, improving policy implementation, building a new type of relationship between the government and businesses, and protecting the personal and property safety of entrepreneurs.

After months have passed, the private economy has been placed in a prominent position. The state is implementing policy services, optimizing the business environment, helping private enterprises solve practical difficulties, and inspiring innovation.