The private economy was highlighted at the Two Sessions, which ended on March 11. The 2025 Government Work Report emphasized effective execution of policies and measures to spur the growth of the private sector, effectively protect the lawful rights and interests of private enterprises and entrepreneurs in accordance with the law.

In recent years, with the transformation and upgrading of China's economy, the private sector, a key part of the national economy, has been demonstrating strong vitality and broad development prospects. As per data from the State Administration for Market Regulation, by the end of January 2025, the number of private enterprises in China had surged to 56.7 million, 5.2 times the number in 2012.

The thriving private sector requires proactive policies and an improved business environment. Governments across various regions have introduced supportive policies for private enterprises, such as establishing special funds, offering tax incentives, and strengthening intellectual property protection. These measures have greatly stimulated the innovation and growth momentum of private enterprises. Looking forward, China will support and encourage private investment, and guide more private investment toward major infrastructure and public well-being projects, the Government Work Report said.

Legislative protection is also indispensable. China is accelerating the revision and finalization of a draft law aimed at promoting the growth and protection of private enterprises, said Lou Qinjian, spokesman for the third session of the 14th National People's Congress, at a news conference on March 4. It will be China's first foundational law on the development of the private economy.

The new journey in the new era has provided abundant new opportunities and greater space for the development of the private sector. With China implementing an innovation-driven development strategy, private enterprises are becoming a key force in technological innovation. Leading tech companies such as Huawei, DeepSeek and Unitree Robotics have made groundbreaking progress in fields like AI, cloud computing and humanoid robots. Other private companies like BYD in the electric vehicle industry are also benefiting from the national strategy shifts that promote green energy transition and innovation.

In response to the complex and changing international landscape, private enterprises, with their flexible market mechanisms and keen market insights, are eyeing both domestic and global markets.

In the domestic market, the current focus on boosting domestic consumption and upgrading consumer demand has created more opportunities for private enterprises in sectors such as services, culture and education. Meanwhile, with the growing influence of the Belt and Road Initiative, China is engaging with more countries and regions, which offers Chinese private enterprises opportunities to participate in the global competition.

It is time for private enterprises and entrepreneurs to give full play to their capabilities in the new era. They should embrace innovation entrepreneurship to drive China's development.