Liu Yuanchun, president of the Shanghai University of Finance and Economics, was interviewed July 20 by the “Observer” website (guancha.cn). Here is a summary of his remarks.
Recently, Premier Li Qiang and central ministries and commissions, including the National Development and Reform Commission, the Ministry of Commerce, and the Ministry of Industry and Information Technology, have actively engaged private companies through business seminars and roundtables since July. The underlying message of these symposiums is two-fold. Firstly, they enable the central government to directly communicate policy orientations and strategic intentions, effectively bolstering the confidence of private enterprises in the present and future economic landscape. Secondly, the symposiums foster open communication regarding the implementation and efficacy of current support policies for private enterprises, allowing for a deeper understanding of the grassroots situation, paving the way for more effective policy strategies.
The significance of private enterprises in China’s economy is well-established, represented by the “five-six-seven-eight-nine” private economy. These enterprises contribute more than 50% of tax revenue, over 60% of GDP, more than 70% of technological innovation achievements, more than 80% of urban labor employment, and over 90% of the total number of enterprises. If private enterprises continue to face a downturn, even the prosperity of state-owned enterprises would struggle to uplift the overall economy. That underscores the importance of resolutely implementing the “two unwavering” principles, as advocated by the general secretary, and supporting the private economy to foster growth, resilience, and success.