XI REAFFIRMS SUPPORT FOR PRIVATE FIRMS
- Oct 23, 2018 -

PRESIDENT Xi Jinping reiterated his unwavering commitment to the private sector  Saturday 

and lauded efforts by entrepreneurs to participate in the fight against poverty.


Xi, also general secretary of the Communist Party of China Central Committee, made the 

remark in a letter to entrepreneurs taking part in the poverty alleviation campaign, in which 

private businesses are encouraged to extend a helping hand to thousands of economically 

struggling villages.


It has been the consistent and unwavering policy of the CPC Central Committee to support 

the development of the private sector, Xi said.


He said he is pleased to see an increasing number of private businesses proactively assume 

their social responsibility in devoting themselves to the battle against poverty and helping 

many poor people live better lives.


The targeted poverty alleviation campaign, jointly organized by the State Council Leading 

Group Office of Poverty Alleviation and Development and the All-China Federation of 

Industry and Commerce beginning in 2015, has so far seen the participation of over 60,000 

private businesses.


Forty years on since the country’s reform and opening up, private businesses are blossoming, 

and the private sector has grown bigger and stronger, Xi said.


The sector has played an important role in stabilizing growth, promoting innovation, adding 

jobs and improving livelihoods, he added.


Xi said he hopes entrepreneurs to seize the overarching trend of the times, shore up confidence 

for growth and stay focused on innovations and creativity.


This is the second time Xi has voiced his support for the private sector recently.


During a four-day inspection to Northeast China in late September, Xi said the country will continue 

to create a good legal environment and further refine the business climate for private businesses.


China will unwaveringly develop the public sector, and ceaselessly encourage, support, guide and 

protect the growth of the private sector, he said.


Xi’s remarks come after Vice Premier Liu He, who oversees the financial and industrial sector in 

the State Council, called for supporting the development of private enterprises by improving their 

access to financial services during an interview Friday.


The vice premier noted that the private sector contributed  more than 50 percent of taxes, more 

than 60 percent of the GDP, more than 70 percent of technical innovation, more than 80 percent 

of urban employment as well as at least 90 percent of newly added jobs and businesses in the 

country.