XI Jinping reassures private entrepreneurship ensuring that the development policies launched by the government will be carried out even if in the perimeter of the fundamental principles of the socialist system. “They cannot change and they will not change“, The Chinese president said during a meeting with the leaders of the main technological companies of the country. The meeting is the first of the genre hosted by XI since 2018 and takes place in a period of strong crisis in the Chinese private sector caused by a volatile mix of economic problems, including growing geopolitical tensions with the United States.The difficulties and challenges that the private economy has to face are temporary, not long -term. Can be overcome“said XI, according to the CCTV state issuer.
It is the right time for private companies and entrepreneurs to show their talents and give significant contributions, added the president. The trust of entrepreneurs and investors in China was attenuated by a slow internal economic recovery, by the duties and repressive measures adopted against some companies accused of having a monopolistic attitude. Although Beijing has issued new laws to promote and protect the private sector, these efforts have often been weakened by contradictory actions by local authorities. Some local authorities, deprived of the revenue that came from the real estate sector after the explosion of the speculative bubble that overwhelmed giants as evergrans started making cash with heavy fines for businesses.
XI also promised to remove the barriers to the competition: “We will constantly push the opening of competitive infrastructure sectors to a variety of market entities and we will make great efforts to resolve the difficulties of financing and the high financing costs for private companies” , he said. The efforts to deal with the problem of backlogs in payments due to private companies, as well as the fight against fines and arbitrary inspections, will also be the main priorities of the future, added XI speaking in front of Jack atfounder of Alibaba Group; Lei Junfounder and CEO of Xiaomi; Pony Ma Huatengfounder and CEO of Tencent; Wang Chuanfupresident and CEO of the byd electric car manufacturer; And Ren Zhengfeifounder and CEO of Huawei Technologies. The premier were also present Li Qiang; Wang Huninghead of the maximum Chinese political consultative body, and the vice premier Ding Xuexiang. Other corporate personalities present at the Symposium included Zeng Yuqunpresident of the Catl batteries giant; Leng YoubinPresident and CEO of the Feihe Children’s Dust Supplier; Nan Cunhuipresident of the Zhejiang Chint Electrics electrical devices company; Wang Xingxingfounder of the Unithee robotics company; Liu Yonghaopresident of the New Hope animal feed manufacturer; And Yu Renrongfounder and president of Will SemiConductor.