Top executives and department heads of the National Development and Reform Commission and ACFIC met with the owners of 10 leading Chinese private enterprises in Beijing on January 10 to hear their views on current economic situations, as well as their enterprises’ difficulties, problems and solutions.
Owners or top executives of Yili Industrial Group, Oceanwide Group, Zhejiang Geely Holdings Ltd. Group, Huawei Technologies Co., Ltd., Jiangsu Hengtong Group, Jiangsu Sha Steel Group, Midea Group, Qihu 360 Software Ltd., Tianjin Datong Group and JD.com offered views and proposals on real economy revitalization; corporate growth pattern change and structural upgrade; de-overcapacity and de-inventory, and business operation charges reduction; maintaining macro economic policy’s stability and continuity; financial reforms and foreign currency administration; industrial policy guidance; big data application and security; boosting policies’ publicity and stabilizing market expectations.
In response, NDRC Director Xu Shaoshi said that to ensure the economic work in 2017 a success, it is important, first and foremost, to implement the decisions of the Central Economic Work Conference, accurately grasp the major judgment by the Central Government about the New Normal Economic Stage, and have a holistic understanding of the policy framework built upon new development concepts and centered on supply-side reform, follow through steady progress as this year’s key note, and find fresh directions and new pathways for enterprises accordingly.
To push forward the supply-side reform and revitalize the real economy, Xu said private enterprises must work hard at growth pattern change and structural upgrade, establish a self-disciplinary mechanism of leverage ratio control, and strengthen R&D investment, technological reserve, talent pool, management, marketing and global set-up.
He stressed particularly the importance of fostering new momentum and emerging industries and models through fully tapping innovation, Internet Plus, mass entrepreneurship and mass innovation, mass financing, SME services and traditional industry upgrade services.
He urged accurate policy implementation by government authorities in line with the market rule and the rule of law, in-depth administrative streamlining and power delegation, reduction of business operational costs and corporate charges, and unwavering advancement of the 5 Key Tasks, namely de-overcapacity, de-overstocking, deleveraging, cost reductions and defect remedy.
Xu called for joint efforts to boost the private sector, and lift entrepreneurs’ morale, through a number of measures including implementation of property rights protection, inspiring entrepreneurship, fair market access, and administrative streamlining and power delegation.
ACFIC CPC Secretary Quan Zhezhu noted that NDRC and ACFIC have staged joint annual dialogues with entrepreneurs and held regular bilateral high-level discussions since the establishment of their ministerial-level collaboration mechanism, leading to substantive results in terms of private business environment improvement, private enterprises’ participation in Belt and Road construction and international industrial capacity collaboration, joint promotion of PPP projects, and private sector’s investment vitality boost.
He called for greater innovation and focus, urging enterprises to dare to confront the “market icebergs, financing high mountains, and growth pattern change volcanoes”, and meantime attach equal importance to quality and efficiency improvement and cost reduction.