Private sector as pathfinder in China's high-quality economic development

BEIJING, Nov. 13 (Xinhua) -- Chinese private businesses are "active pathfinders" in China's high-quality economic development, guest speakers told the China Economic Roundtable hosted by Xinhua News Agency.

Wei Chu, vice dean of the School of Applied Economics, Renmin University of China, explained that the private sector actively explores new impetus for economic transformation, new areas for emerging economies and new ways for common prosperity.

The sector plays "a crucial and indispensable role" in the Chinese economy, said Wei Dong, head of a newly established bureau for private economy development.

Under the National Development and Reform Commission, China's top economic planner, the bureau aims at strengthening policy coordination in relevant areas, and ensuring that related measures are implemented as early as possible and that they achieve tangible results.

Wei Dong said the private sector provides huge opportunities for start-ups and employment, a supportive platform for technological innovation and an important channel for tax revenue.

Zhou Zhen and Bai Jingwei, both entrepreneurs in the private sector, agreed that Chinese private businesses serve as a major force in innovation, generating over 70 percent of all technological innovation achievements in the country.

China Economic Roundtable is an all-media talk platform launched by Xinhua, with the second episode featuring the Chinese private economy.