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Wang Qinmin: Private Firms Face New Opportunities

ACFIC Chairman Wang Qinmin said that China can"t succeed at its economic structural adjustment and economic quality improvement without further development of its private enterprises. Wang made the remarks during the 6th Tianjin Forum on Chinese Private Economy Development on June 6.

Wang said that the Chinese private enterprises are bracing for a new round of development opportunities and the private economy has become a major force of boosting the country"s economic growth, social stability and national revitalization.

He stressed that private enterprises should stick to growth in a scientific way, speed up growth pattern change, and do more for the realization of the China Dream.

The Chairman said that the private economy has maintained robust growth and sound momentum despite soaring production element costs, heavy taxation and difficult financing and investment amid tortuous world economic recovery and increasing economic slowdown pressures at home.

Currently, the private economy, which accounts for 90 percent of the enterprises with a legal entity, is generating over 85 percent of the jobs, more than two thirds of corporate sales revenues, profits and taxes, and over 60 percent of corporate assets and fixed assets investment.

The 18th CPC National Congress stressed the importance of continuing to "unswervingly develop the public economy and unswervingly support and encourage the private economy", to ensure that the economies of all kinds of ownerships enjoy equitable use of production elements, fair participation in market competition, and the same legal protection.

Wang said that reforms are the biggest bonus of the country"s development and that deepening the bonus of reforms will enormously unlease the development potential of private economy.

With reforms in priority fields and key links in solid progress, a series of government policies and measures on breaking monopoly, deepening administrative ratification reforms, and facilitating government function change, will give a strong push to the reforms in financial and taxation institutions and social arena, and the ensuing systemic bonus and development space will give strong momentum to the country"s economic development.

For example, with the removal of institutional and systemic barriers, private capital is set to make new breakthrough in many fields, such as energy, railways, finance, telecommunications, and infrastructure. And the administrative ratification reform and administration steamlining and power delegation will validate the creative and regulative potential of market entities, strengthen the motivation of participation by private capital in regional development, and unleash the potential for entrepreneurship and employment.

Wang said that new economic and social developments both home and abroad have broadened the prospects for the private economy.

Firstly, the strategic economic restructuring will in turn force the private economy to change its growth patterns and upgrade. Secondly, new urbanization construction will effectively boost private investment. Thirdly, guaranteeing and improving people"s livelihood will create more space of demand for the private economy.

Internationally, the global financial crisis has sped up the progress of economic resources optimization, industrial restructuring, and technological innovation, thus creating rare opportunities for the Chinese private enterprises to come in and overtake the international economic and sci-tech high grounds.

Meanwhile, as the world economy remains in doldrums and the European debt crisis is yet to see the light of the tunnel, some developed countries in America and Europe are advocating reindustrialization plans, attaching more importance to real economy and investment attraction. This process can also boost the chances for Chinese enterprises to go global or engage foreign resources at home.

(Photos: grace of people.com.cn)

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