Private-sector tech companies to drive growth

Xu Hongcai, a prominent economist and deputy director of the economic policy commission of the Beijing-based China Association of Policy Science, noted that such efforts sent a clear signal. Despite shifting global trade policies and external pressures, China remains steadfast in its commitment to high-quality economic development, he said.

Xi presided over a similar symposium in 2018, which was followed by a three-year bull run in China's A-share market. At the 2018 symposium, Xi said the country would unswervingly encourage, support and guide the development of the nonpublic sector and support private enterprises to develop toward a broader stage.

The stance was reaffirmed at the 2022 Central Economic Work Conference, which emphasized that promoting the private sector's growth is a "long-term strategy", rather than a short-term measure.

In 2023, during the two sessions, Xi emphasized that the Party encouraged private enterprises and entrepreneurs to let go of their concerns and burdens and boldly pursue their development.

Xu, the economist, said: "These instances show that China's reform policies are continuous and stable. A stable policy and a good business environment will further enhance private enterprises' confidence, consistently attract more foreign investment and promote sustained economic growth."