Vitality of private sector high on agenda

Private enterprises, buoyed by China's advancing modernization drive, voiced optimism regarding the future trajectory of the private sector economy despite challenges, during the recently concluded two sessions.

The comments aligned with the key priorities detailed in the Government Work Report, underscoring the importance of implementing policies and actions efficiently to support the expansion of the private sector while ensuring the lawful protection of the legitimate rights and interests of private businesses and entrepreneurs.

Additionally, the report promotes the idea of competent private enterprises developing a resilient contemporary corporate structure incorporating unique Chinese elements. It also stresses the necessity of addressing intense competition and improving market entry conditions in burgeoning industries, positioning this as a crux of the government's 2025 agenda.

Echoing the Government Work Report, Wang Gang, chairman of Shandong province-based photovoltaic materials company Jinjing Group, expressed his confidence in the upcoming policy directives for the photovoltaic industry, stressing the imperative of innovation and advancements in driving sustainable growth.

"Intense competition in the domestic market and ongoing trade conflicts have posed great challenges for businesses. Against this backdrop, companies in traditional sectors like us face pressure of industrial upgrade and global supply chain restructuring, propelling us to find new growth points," Wang said.

In response to these challenges, Jinjing is actively pursuing a "second track" strategy, focusing on developing green energy materials aside from its main business — glass production, Wang said, adding the company is eyeing perovskite solar cell manufacturing for new growth points.

"More policies are expected to support provinces and autonomous regions with unique resource endowments to build diversified industrial clusters," he said.

Yu Ruifen, president of Shanghai-based snack chain Lyfen, said the government should introduce relevant measures to enhance entrepreneurs' confidence and encourage them to expand their investments, strengthen legal and institutional safeguards, and build a fair business environment for the private sector.

"Various regions are promoting economic recovery through measures such as issuing consumer vouchers. It is advisable to promote the upgrading of county-level consumption and improve counties' logistics distribution systems."

Yao Jinbo, chairman and CEO of life services platform 58.com, said, "The private economy is currently at a critical juncture where opportunities and challenges coexist, and it is also a key period for industrial transformation and upgrading.

"Looking at the opportunities ahead, the private sector's influence and importance in the broader context of economic and social progress are on the rise. In the consumer services sector where we operate, we have been consistently innovating, introducing new formats and consumption trends."

For instance, the at-home care services sector has seen exponential growth, expanding from under 1 trillion yuan ($138 billion) in 2022 to nearly 3 trillion at present, with sustained momentum, creating 37.6 million jobs in 2021 and over 45 million today, Yao said.

"Meanwhile, technological advancements are fundamentally reshaping industries, notably through the widespread adoption of locally developed intelligent tools like DeepSeek. Private enterprises have excelled at seizing opportunities, swiftly adapting, and optimizing their operations. Given the current landscape, I anticipate the emergence of numerous 'giant-level' private enterprises going forward," he added.