Private firms primed as economic drivers

China's private enterprises are confident of their capacity to navigate challenges and seize opportunities in an evolving global landscape, as the government has rolled out a series of supportive policies to boost the private sector, said leading entrepreneurs on Thursday.

In a People's Daily column on Thursday, Ma Huateng, chairman and CEO of tech company Tencent Holdings, said that a powerful package of incremental policies has been rolled out by the government recently, helping tackle the pressing pain points and bottlenecks that have hindered the economy.

"These measures are responding directly to the market's calls, injecting businesses with renewed confidence in the government's unwavering determination to drive a steady economic recovery. This has also emboldened enterprises, reinforcing their belief in taking bold, decisive action to move forward with unyielding resolve," Ma said.

He sees the digital technology sector, including the internet, as playing a pivotal role in reigniting economic momentum. Tencent, he said, has been exploring new avenues in digital consumption, creating diverse models and scenarios to stimulate demand.

"Looking ahead, Tencent is committed to ramping up investment in line with government encouragement, championing the spirit of entrepreneurship, and weaving together technological innovation and industrial advancement more deeply than ever before," Ma added.

Among the country's latest efforts to drive the private sector, Zhang Xinghai, chairman of automaker Seres, pointed out that the private economy promotion law draft was opened to the public for feedback, which will better address concerns, build consensus and play a vital role in promoting the sustained, healthy and high-quality development of the private sector.

Reflecting on how fiscal and monetary policies have also strengthened market confidence, Zhang called for more efforts to seize opportunities and accelerate the cultivation and growth of new quality productive forces, including new energy.

"We are intensifying efforts to achieve breakthroughs in core technologies to deliver an exceptional driving experience for our users. With steadfast confidence in China's economic future, we remain committed to action, innovation and driving progress, and we're determined to contribute the strength of private enterprises to the nation's high-quality economic development," he said.

Echoing this sentiment, Xu Guanju, chairman of Transfar Group, a leading chemicals manufacturer, said that amid intense market competition, private enterprises at this new stage of development must not only consolidate their market presence, but also prioritize technological advancements, including the development of new quality productive forces.

"Such efforts involve increasing investment in technology, using industries as platforms to tackle technical challenges and fostering breakthroughs in product innovation, application innovation, foundational research, and original cutting-edge technologies," Xu said.

"The greater the challenges we face, the stronger our confidence must be. The steeper the climb, the more resolute and spirited we must become, fully integrating the development of our enterprises with the destiny of the nation," he added.

Building on this focus on innovation, Liu Yonghao, chairman of agricultural firm New Hope Group, highlighted how new technologies can breathe new life into traditional industries, and stressed the need for private enterprises to align with national strategies for industrial transformation.