Chinese President Xi Jinping Encourages Private Enterprises as 'Our Side'... Emphasizes Common Prosperity

"Understand Party Principles and Achieve High-Quality Development"

Chinese President Xi Jinping encouraged private enterprises as "our allies" while emphasizing social responsibility through charitable activities. He acknowledged the urgent need for private sector support for this year's economic recovery, yet demanded alignment with the previously promoted spirit of "common prosperity."

According to local media including China's Xinhua News Agency on the 7th, President Xi met with representatives from the China Democratic National Construction Association and the Federation of Industry and Commerce who attended the National Committee of the Chinese People's Political Consultative Conference (CPPCC) the day before. He stated, "Both individual businesses and private entrepreneurs must correctly understand the Party's principles and policies and achieve high-quality development." The related content was reported citing explanations from the delegation members present at the scene.

[Image source=Yonhap News]

At this occasion, President Xi reportedly reminded that active donations and public welfare activities should contribute to common prosperity. He said, "Chinese-style modernization is modernization of common prosperity for all people," adding, "Whether state-owned enterprises or private enterprises, all are important forces promoting common prosperity and must bear social responsibility in doing so." Common prosperity literally means "prospering together," and is a representative political theme of Xi emphasizing redistribution.

President Xi urged business representatives to "be aware of and implement people-centered development thinking, strengthen 'xian fu dai hou fu (先富帶後富)'?meaning those who become wealthy first lead others to prosperity?and promote a sense of responsibility and mission for common prosperity." He emphasized, "We must inherit and carry forward the traditional virtues of the Chinese nation and actively participate in public welfare and charitable activities." He added, "When becoming wealthy, one must have a sense of responsibility, live righteously, and show love."

Alongside this, he also hinted at institutional support and protection policies for private enterprises. He reportedly spoke about breaking down institutional barriers that restrict fair competition participation by private enterprises and protecting private enterprises' property rights and entrepreneurs' interests according to the law. President Xi notably emphasized, "Private enterprises are our allies," drawing attention. He stressed, "The Party Central Committee consistently adheres to the 'two unwavering commitments,' meaning the parallel development and encouragement of the shared (state-owned) economy and the non-shared (private) economy, and has always regarded private enterprises and private entrepreneurs as our allies."

Attendees at the scene told multiple media outlets that "the speech was filled with hope" and "confirmed the commitment to support the private economy and enterprises." The head of the Fujian Provincial Committee of the Democratic National Construction Association said, "President Xi's speech reassured private entrepreneurs and gave them confidence and motivation." A representative from the Federation of Industry and Commerce stated, "It provided important guidelines to promote the high-quality development and growth of the private economy," adding, "We will earnestly study the spirit of the speech." The Central People's Broadcasting Station (CNR), a central state-owned radio broadcaster, reported that President Xi's remarks aimed to "mobilize the private sector to overcome sanctions and economic challenges led by the United States."

This content was produced with the assistance of AI translation services.