China's private economy plays an important role in promoting innovation, creating jobs and improving people's livelihoods, said Guo Weimin, spokesperson for the first session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) on Friday.

Noting that China's private economy has met difficulties due to COVID-19, Guo said the annual Central Economic Work Conference held in December 2022 stressed that China will unswervingly consolidate and develop the public sector and unswervingly encourage, support and guide the development of the private sector.

The equal treatment of state-owned enterprises and private enterprises encourages the growth and development of private economy and private enterprises, he said.

In 2022, the Committee for Economic Affairs of the CPPCC National Committee formulated a special report after conducting a supervision on whether the business environment has improved. The report listed questions the enterprises has faced in their development. 

To further promote the development of the private economy, Guo said CPPCC members have put forward many proposals, including further improving the property rights protection system to ensure that not only the property rights in public sectors are inviolable but also the property rights in private sectors are inviolable, and guiding financial institutions to increase support for small- and micro-businesses and help them overcome difficulties.

The CPPCC members believe the stage for private enterprises will be broader as the country's economy is expected to pick up on the whole in 2023, Guo said. 

(Cover: A privately-owned enterprise in southwest China's Chongqing Municipality, February 3, 2023. /CFP)