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Role of Private Sector in the 13th Five-year Plan Period

2016-03-10 10:28

By staff reporter HU YUE

 

The private economy is an important part of China’s economy, and its development is decisive as regards maintaining the country’s medium-to-high growth amid the global economic downturn.

The guidelines for the 13th Five-year Plan propose that private enterprises accelerate innovation of technology, products, and business models, paying particular attention to growth quality and efficiency. The plan also proposes that private enterprises be encouraged to participate in national programs such as Made in China 2025 and Internet Plus and those. Private enterprises are hence on the threshold of an era of proactive innovation and development.

“China’s economy has entered the ‘new normal’ stage. Although we have encountered many difficulties, we have confidence in the Chinese economy and in the development of its private sector,” distinguished Chinese economist Li Yining said. Li recommends that private entrepreneurs employ innovation in order to provide personalized products and better services, focus on brand building in the international market, and meanwhile attract more domestic consumers.

Private enterprises will contribute not only to economic development but to public welfare. Chairman of Evergrande Group and CPPCC member Xu Jiayin believes that private enterprises should invest funds, technology, and talents in poverty alleviation through industrial projects, and make charitable donations towards establishing schools in poverty stricken areas. This will create employment and give greater access to education, so helping people shake off poverty.