ISLAMABAD, Nov 3 (APP):Chinese President and general secretary of the Communist Party of China Central Committee Xi Jinping has said China will unswervingly encourage, support and guide the development of the non-public sector and support private enterprises to develop towards a broader stage.
Xi, also chairman of the Central Military Commission, presided over a symposium on private enterprises. He instilled confidence in the country’s private businesses and cleared doubts over the prospects of China’s non-public sector that has been contributing significantly to the country’s economic growth, Global Times quoting Xinhua News Agency.
Xi, during the symposium, noted that the basic economic system of retaining a dominant position for the public sector together with developing diverse forms of ownership is an important part of the system of socialism with Chinese characteristics and crucial to improving the socialist market economy.
The symposium came at a time when some private companies have been struggling to generate more revenue and tackling rising debt.
Business representatives who attended the symposium considered Xi’s speech inspiring and encouraging, particularly at the time when the private sector is facing difficulty amid the economic downward pressure.
China’s non-public sector now contributes more than 60 percent of China’s GDP growth and brings in over half of China’s fiscal revenue, Gao Yunlong, head of the All-China Federation of Industry and Commerce, was quoted as saying in media reports in March.
During the symposium, Xi demanded the implementation of policies and measures in six aspects to create a better environment for the development of private enterprises and to address their difficulties.