Xi calls on private sector to promote entrepreneurship

President Xi Jinping has encouraged the vast number of people engaged in the private sector of the Chinese economy to fully implement the new development philosophy and promote entrepreneurship in order to make contributions to building a strong country in all respects and realizing national rejuvenation.

Xi, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, made the remarks in a congratulatory letter on the occasion of the 70th anniversary of the establishment of the All-China Federation of Industry and Commerce.

Founded in 1953, the federation is a mass organization and a chamber of commerce involving nonpublic enterprises and people in the nonpublic sector under the leadership of the CPC. It aims to promote the sound development of the nonpublic economy and mainly serves privately owned enterprises.

Xi noted in the letter that the federation's work is an important part of the Party's united front work and economic work.

Over the past 70 years, the federation has always upheld the CPC's leadership, focused on serving the central tasks of the Party and the country, and has made important contributions to the development of the People's Republic of China, the advancement of reform and opening-up, and the great endeavors of the new era, he said.

He urged the federation to play a greater role in boosting confidence in the development of the private sector, and uniting the vast number of people engaged in it more closely around the Party.

Xi expressed his hope that the vast number of participants in the private sector would become models of loving the country, operating their businesses in line with the law, promoting entrepreneurship and innovation, and contributing to social development.

Wang Huning, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the Chinese People's Political Consultative Conference (CPPCC) National Committee, attends a gathering celebrating the 70th anniversary of the All-China Federation of Industry and Commerce (ACFIC) and makes a speech in Beijing, capital of China, Oct 24, 2023. [Photo/Xinhua]

Speaking at a meeting in Beijing on Tuesday in celebration of the anniversary, Wang Huning, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and chairman of the Chinese People's Political Consultative Conference National Committee, said that the federation needs to work harder to promote the high-quality development of the private sector and guide private enterprises to fulfill their social responsibilities.

Xi's letter was read at the event by Shi Taifeng, a member of the Political Bureau of the CPC Central Committee and head of the United Front Work Department of the CPC Central Committee.

Private businesses have played an increasingly pivotal role in spurring China's economic growth, creating employment and revving up technological innovation, with private companies accounting for over 90 percent of all enterprises in the country.