context: Private enterprises form the majority of economic activity in the PRC. The CPC leadership clearly looks to private enterprises to lead innovation and drive the creation of an advanced manufacturing superpower. Yet confidence in private business continues to falter following crackdowns on tech companies and private education in 2021. The emergence of DeepSeek has changed sentiments: PRC firm shares listed in Hong Kong have undergone a historic rally beginning in January 2025. Xi Jinping’s 习近平 symposium hopes to capitalise on a string of positive stories to come out of the private economy over the past two years to raise confidence.
A symposium on private enterprise led by Xi Jinping 习近平 was held in Beijing on 17 February 2025. Xi emphasised that the fundamental policies regarding the development of private enterprises have already been incorporated into the system of socialism with Chinese characteristics and will continue to be steadfastly upheld and implemented.
The private economy has vast potential in the new era, and now is the time for private enterprises and entrepreneurs to shine. He urged them to unify their thoughts, strengthen their confidence and contribute to high-quality economic development.
Socialism with Chinese characteristics creates opportunities for private business, notes Xi. At the same time, private enterprises must find their role within national strategic objectives.
The private economy in the PRC has grown significantly, forming a solid foundation for high-quality development. He stressed the importance of fostering an environment that encourages innovation and supports business growth, while continuing to focus on the development of core industries. Xi assured that the government will continue to improve and protect the legal and economic environment for private enterprises, tackling problems such as financing difficulties, late payments and market barriers.
Several prominent business leaders participated in the symposium
- Ren Zhengfei 任正非 Huawei CEO
- Wang Chuanfu 王传福 BYD chair
- Liu Yonghao 刘永好 New Hope Group chair
- Lei Jun 雷军 Xiaomi chair
- Jack Ma 马云 Alibaba founder
- Liang Wenfeng 梁文锋 DeepSeek CEO
Xi noted the private economy’s challenges, such as financing difficulties and market access issues, are temporary and can be overcome. He emphasised the importance of developing policies to address these challenges and foster a favorable business environment. He called for the further development of a healthy relationship between government and business and the continuation of policies aimed at improving private enterprises' access to resources and markets.