Private-sector tech companies to drive growth

Industry experts also said that China is expected to further enhance the long-term mechanism for private companies to participate in major national projects at the two sessions.

The country will also support capable private enterprises in leading national initiatives to make breakthroughs in major technologies and provide private enterprises with greater access to major national scientific research infrastructure, they said.

Luo Zhi, director of the research center for the new private economy at Wuhan University, said in an article that some private companies have a weak sense of gain, as in some regions, the public service system for small and medium-sized enterprises is incomplete, leading to high institutional transaction costs for private enterprises.

In recent years, an increasing number of private companies have played roles in major infrastructure projects in transportation, water conservancy and railways.

Earlier, Chinese authorities had identified a group of major scientific and technological areas that private enterprises can take a lead in, like industrial software, cloud computing, artificial intelligence, industrial internet, gene and cell medicine, and new energy storage.

The National Development and Reform Commission, the nation's economic regulator, has set up a special private sector development bureau to offer targeted support for private firms.

Among the country's latest efforts to drive the private sector, Zhang Xinghai, chairman of emerging automaker Seres and a member of the 14th National Committee of the Chinese People's Political Consultative Conference, said that he was deeply inspired and brimming with confidence in the vast potential of the private sector.

As a veteran in the automotive industry, rooted in western China's Chongqing for nearly 40 years, Zhang said that he has witnessed the transformation of China's auto sector — from expanding market access to achieving independent innovation.

In 2021, the company pioneered cross-industry collaboration between automakers and information and communications technology companies.

"The models we developed with our partners have set a new benchmark for China's premium car market, breaking the dominance of foreign brands in the luxury segment while showcasing the formidable strength of private enterprises," he said.

"The future competition in China's new energy sector is not just about technology but also about ecosystems. To maintain our leadership and build a strong automotive nation, China's auto industry must seize this historic opportunity with an open mindset, embrace cross-sector collaboration, and break industry conventions through innovation," 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," said Xu, who is also a deputy to the 14th National People's Congress, China's top legislature.

"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.

Wang from the Beijing Academy of Social Sciences said: "With unwavering government support, an influx of world-class talent and a surging global demand for Chinese innovation, the next decade is set to be a period of unprecedented growth and transformation for the private sector.

"In the years ahead, not just dozens, but potentially hundreds of private companies akin to DeepSeek and Unitree are expected to emerge in China," he said.