In a recent statement during the two sessions in China, Qi Xiangdong, a member of the 14th National Committee of the Chinese People’s Political Consultative Conference, shared his optimism regarding the growth prospects of small and medium-sized private companies in China. He expressed his confidence in the country’s economic recovery and the government’s policies that support the development of the private economy.
As the Chairman of Chinese cybersecurity company Qi-Anxin Technology Group, Qi emphasized that private entrepreneurs are inspired to grow their businesses bigger, better, and stronger as they feel the government’s firm determination in supporting the development of the private economy. He believes that the resilience of the Chinese economy, institutional advantages of the socialist market economy, a huge market, and a complete system of production, along with continuous innovation, all provide a broader space and rare opportunities for private enterprises to grow.
Qi highlighted the importance of the private economy in stabilizing growth, boosting employment, benefiting people’s livelihood, promoting innovation, and achieving common prosperity. Despite facing unprecedented challenges during the COVID-19 pandemic, private enterprises, especially small and medium-sized ones, have benefited greatly from the government’s financial support and measures to optimize business environments. Last year, China’s tax refunds, tax and fee cuts, and deferrals exceeded 4.15 trillion yuan ($620 billion).
With such support, private enterprises have been able to stabilize jobs and ensure supply, helping to drive economic recovery and development. Qi’s positive outlook is driven by his belief in the government’s commitment to supporting the development of the private economy, creating a favorable environment for private enterprises to thrive.
Over the past few decades, the country’s private economy has become an essential part of the socialist market economy and a fresh driver of economic development. According to Qi, private enterprises, especially small and medium-sized ones, have played an important role in stabilizing growth, boosting employment, benefiting people’s livelihood, promoting innovation, and achieving common prosperity. With the government’s unwavering support, private entrepreneurs in China are motivated to grow and contribute to the country’s economy.