Tencent CEO says encouraged by China's growing support of private sector, economic stimulus policies

The recent policies of China have demonstrated a strong commitment to driving sustained economic recovery, inspiring businesses to take action and move forward with confidence, wrote Pony Ma, chairman and CEO of China's tech giant Tencent, in a commentary for People's Daily.

China is making a significant move to foster private sector growth with the draft Private Economy Promotion Law, which opened for public consultation from October 10 to November 8. This marks the country's first foundational legislation specifically aimed at advancing the private economy.

Ma highlighted that the progress in legislative frameworks, including the law to promote private sector, provides robust legal support for private enterprises to operate more effectively. He added that a coordinated set of macroeconomic policies ensures consistency and effectiveness, allowing businesses to focus on core operations and sustainable growth.

The Chinese government has been laying out a series of stimulus measures since September to boost investment and consumption, as the economy shows signs of slowing. It has been paying special attention to supporting the private sector, as well as encouraging the economy to transfer to high-tech manufacturing and services in order to raise efficiency and added value.

Tencent is one of China's top tech companies, best known for its WeChat messaging and payment app that has become a must for almost every Chinese people's smartphone. It is also making great profit from its gaming products. 

Ma emphasized that the internet and digital technology sectors hold vital responsibilities in boosting the economy.

"In recent years, we have actively responded to the national strategy to expand domestic demand, exploring innovative approaches to digital consumption by creating diverse consumption scenarios, models and formats," Ma said. "Moving forward, we aim to increase investments aligned with policy directions, foster entrepreneurial spirit and connect technological innovation with industrial upgrades."

Ma remains confident in the resilience of the private sector.

"A series of incremental policies have been introduced to address key challenges in the current economic landscape, fully responding to market demands," Ma said. 

"With the leadership of the Party and government, and through collective effort and determination, we firmly believe private enterprises have a bright future and China's economy will continue to forge ahead with resilience and vigor," he said.

Liu Yonghao, chairman of New Hope Group, echoed Ma's sentiments in another People's Daily commentary, urging enterprises to resolutely promote scientific and technological innovation while accelerating the development of new quality productive forces.

"For example, in my field of food processing, we intelligently analyze various data to improve operations. We will also continue to increase investments in science and technology, applying intelligent, biological and digital innovations to traditional manufacturing," wrote the chairman of the agricultural products manufacturer.

Experts have also weighed in on the challenges facing China's economy.

Zhang Bin, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, wrote in People's Daily that China is grappling with insufficient effective demand, a problem that needs timely attention to prevent further impacts.

"From both international and domestic historical experience, reasonable policy efforts can effectively address the issue of insufficient demand," Zhang said, adding that with the effective implementation of recent policies, China's economy can overcome this challenge.