China Daily

Conclusion of NPC session highlights guarantees for healthy private sector

The development of new quality productive forces is a clear priority for the country, as the advancements in artificial intelligence, blockchain, cloud computing, big data, the metaverse and Web 3.0 are ushering in a new scientific and technological revolution, which will transform every aspect of life.

China has made unprecedented achievements in almost all fields in the past more than four decades. The country is a giant in terms of its manufacturing industries, IT industry, and innovation.

However, China cannot afford to slacken its endeavors in innovation, and must continue to make breakthroughs in key technologies and key fields not only to shore up its own economic growth but also to act as a major contributor to global development and social progress.

The emphasis on the development of new quality productive forces is meant to tap the potential of innovation in China to the utmost.

This means that governments at all levels must do whatever they can to make policies that will encourage and support enterprises and institutions in their pursuit of innovations. National support must be given to the development of key technologies in a targeted manner, and the national resources mobilized nationwide must be used in a way that will facilitate a leap forward in the advancements in frontier areas.

As part of these efforts, it has been emphasized time and again in Communist Party of China Central Committee documents that institutions and mechanisms at all levels must be constantly optimized to unswervingly encourage, support and guide the development of the nonpublic sector, which is an important factor in the development of new quality productive forces, as it accounts for about 70 percent of the country’s innovation, according to official data.

In light of this, the central authorities have stressed that efforts should be made to optimize the environment for the development of private enterprises, enhance policy support and strengthen the legal guarantees for the private sector.

The work report of the National People’s Congress Standing Committee that was approved at the conclusion of the weeklong second session of the 14th NPC on Monday reaffirmed that the legal guarantee for the private sector is to be strengthened in the form of a new law that will help pioneer the development of future-oriented industries, encourage the development of venture capital and equity investment and improve the functions of industrial investment funds.

The law to promote the development of the private sector that is in the works aims to address the difficulties faced by private enterprises, make sure their property rights are protected and that entrepreneurs have a sense of security and the confidence that their rights will be protected and they will be competing on a level playing field.

As the NPC said in the report, the law that is being drawn up will encourage, support, and guide the development of the nonpublic sector and create an environment conducive to stimulating the endogenous impetus and innovative vitality of private business entities and entrepreneurs.

It will hopefully give a shot in the arm for the private sector enabling it to play its role in advancing the country’s overall economic and social development.

Editorial, China Daily

Categories China Daily Opinion