Xi’s remarks a boost to private sector

Chinese President Xi Jinping attends the 2nd Plenary Session of the Fourth Session of the 12th National People's Congress (NPC) at the Great Hall of the People in Beijing, China, 09 March 2016. - EPA

Beijing: In a rare move, the government released the full transcript of President Xi Jinping’s remarks in support of private businesses during a panel discussion with political advisers last week.

Lawmakers and political advisers from the private sector have taken them as a pledge from the top leadership to continue market-oriented reform and to protect private enterprises.

Some policy researchers also see the remarks as an effort to clarify the relationship between government officials and private businesspeople.

The remarks come as the private economy is experiencing difficulties and doubts over its health amid an overall economic downturn and a nationwide anti-corruption drive.

Despite growth, many small companies face difficulties in getting equal market access, such as in getting bank loans, as they compete with state-funded counterparts.

The fall of a number of private entrepreneurs found to be in collusion with corrupt officials, including some tycoons, has also come into the limelight, causing wide doubt over the private sector and its role in the country. — China Daily / Asia News Network

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