The private economy is the driving force behind Chinese-style modernisation

In a move aimed at boosting high-quality development in the country, the Central Committee of the Communist Party of China (CPC) and the State Council have released the "Opinions on Promoting the Development and Strengthening of the Private Economy." The opinions were officially unveiled on July 19th.

The private economy is seen as a crucial foundation for high-quality development, with its significance highlighted in promoting China's comprehensive building of a strong socialist modernization nation and achieving the first centenary goal.

Liu Yonghao, Chairman of New Hope Group, has lauded the opinion as having great practical and historical significance. He noted that it not only positions the private economy but also emphasizes its development in various aspects.

The opinions come with 28 initiatives under six major areas, including improving the business environment, enhancing innovation capabilities, strengthening financing support, promoting international exchanges and cooperation, enhancing social services, and ensuring legal compliance.

As of the end of May, there were more than 118 million individual business households and over 50 million private enterprises in China, accounting for more than 92% of the total number of enterprises. These figures highlight the importance of the private sector in the nation's economy.

Ma Huateng, Chairman of the Board of Directors and Chief Executive Officer of Tencent, published an article titled "Striving for Greater Performance in High-Quality Development." In his article, Ma emphasized that the Central Government issued the Opinions on Promoting the Development and Strengthening of the Private Economy (hereinafter referred to as the "Opinions"), which formulated and released a series of policies and measures centered around the high-quality development of the private economy.

The opinions have garnered both praise and criticism from netizens on Chinese social media platforms. Some have welcomed the move, calling it a significant step towards enhancing the role of the private sector in China's economic growth. Others express concerns about potential negative impacts on small-to-medium enterprises and whether the policies will be effectively implemented.

The announcement comes at a time when China is facing