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Introduction
On February 17, 2025, Xi Jinping, General Secretary of the Communist Party of China’s Central Committee, led a symposium on private enterprises—the first such high-level discussion on the private economy since 2018. This gathering addresses the current state of private enterprise development while signaling the government's strategic direction for the sector. The discussion focuses on revitalizing private enterprises through policy support, technological innovation, and an improved business environment, fostering high-quality economic growth in China.
Background and Shifts in Industry Trends
The symposium took place amid global uncertainty, particularly as US-China relations faced renewed strain following the US announcement of additional tariffs on Chinese goods, escalating trade tensions. In this context, the role and strategic positioning of private enterprises have drawn significant attention.
Similar to the 2018 symposium, this year's event comes at a pivotal moment in US-China relations, marked by the emergence of "Trade War 2.0" and intensifying global geopolitical competition. Once again, private enterprises are playing a key role in national economic and strategic dynamics.
Structural Shifts in Participating Enterprises
Compared with the 2018 symposium, the composition of participating enterprises in 2025 reflected notable structural changes.
Rise of Technology and Internet Enterprises
The 2025 symposium saw increased representation from technology-driven industries, particularly AI, big data, and smart manufacturing. Key participants included:
Ma Huateng (Tencent), Lei Jun (Xiaomi), Wang Xing (Meituan), Wang Xingxing (Yu Shu Technology), and Liang Wenfang (Fantawild).
Enduring Presence of Manufacturing and the Physical Economy
Traditional manufacturing and core industrial sectors remained central to discussions, underscoring their foundational role in China's economy. Notable attendees included:
Ren Zhengfei (Huawei), Wang Chuanfu (BYD), Zeng Yuqun (CATL), and Liu Yonghao (New Hope).
Notable Absences: Platform Economy and Real Estate
Certain industries were conspicuously absent from the 2025 symposium:
Platform Economy: Key figures such as Zhang Yiming (ByteDance), Liu Qiangdong (JD.com), and Huang Zheng (Pinduoduo) did not participate.
Real Estate: Unlike in 2018, no representatives from the real estate sector were present.
These exclusions signal a shift in policy priorities. While the 2018 symposium broadly supported private enterprises across various industries, the 2025 event placed greater emphasis on technological innovation and industrial development, reflecting a more cautious stance toward the platform economy and real estate sectors.
Key Takeaways from Xi Jinping's Speech
During the symposium, General Secretary Xi Jinping's speech focused on several core objectives:
Strengthening Confidence in the Private Sector
Reaffirmed that the private economy is a vital component of the socialist market economy, emphasizing that private entrepreneurs are “one of us.”
Encouraged entrepreneurs to maintain optimism and recognize opportunities amid challenges.
Addressing Challenges Faced by Private Enterprises
Pledged to tackle key issues such as overdue payments, arbitrary fees, and penalties to create a more favorable business environment.
Assured that the government would enforce policies effectively to help businesses overcome practical difficulties.
Driving Technological Innovation
Stressed that technological progress is essential for future growth, calling on private enterprises to take a leading role.
Urged businesses to push forward in areas such as AI, smart manufacturing, and the green economy.
Entrepreneurial Perspectives on Social Responsibility
During the symposium, several entrepreneurs emphasized the significance of social responsibility, sharing their experiences and perspectives:
Ren Zhengfei (Huawei)
Ren Zhengfei highlighted that Huawei would maintain its focus on independent innovation and contribute to global progress in communication technology. He emphasized that while enterprises should aim for profits, they must also assume greater social responsibilities, particularly in areas like technological innovation and talent development.
Wang Chuanfu (BYD)
Wang Chuanfu announced that BYD would increase investments in new energy vehicles, aiming to support the global transition toward cleaner energy. He also emphasized the need for enterprises to actively align with national policies and contribute to achieving China’s "dual carbon" goals.
Wang Xingxing (Yu Shu Technology)
Representing the AI sector, Wang Xingxing stressed the critical role of technological innovation in future economic growth. He called for collaborative efforts between the government and businesses to foster an innovation-friendly ecosystem and energize tech companies.
These speeches not only highlighted the entrepreneurs’ alignment with national policies but also underscored their deep commitment to social responsibility and public image. In 2024, statistics showed that Chinese private enterprises donated a record 30 billion yuan to charitable causes, demonstrating a growing focus on social responsibility and public perception, in addition to economic success.
Conclusion
This symposium on private enterprises not only addresses the current state of private economic development but also signals its strategic direction moving forward. With policy support, technological innovation, and an improved business environment, private enterprises are set to play a more significant role in China's "dual circulation" development framework. The meeting has bolstered market confidence, leading to positive stock market performance for participating companies. Looking ahead, advancements in technological innovation and green development by private enterprises will be key drivers of high-quality economic growth in China.