Graphics: Private sector's potential to foster new quality productive forces in China

China's top leaders have pledged unwavering support for the private sector to develop new quality productive forces, as the fast-growing private sector has played a big role in promoting technological innovations and stabilizing economic growth.

The Central Economic Work Conference, which was held in mid-December to set economic priorities for 2025, called for the rollout of a private sector promotion law and a specific campaign to standardize law enforcement involving enterprises.

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the private sector growth. The law will be of great significance for further optimizing private sector development environment, and driving high-quality growth.

The private sector contributed 48.6 percent of foreign trade, 56.5 percent of fixed-asset investment, 59.6 percent of tax revenue, over 60 percent of GDP, over 70 percent of technological innovations and more than 80 percent of urban employment.

China's top 500 private enterprises have driven technological innovation, with total valid patents rising from 633,922 in 2021 to 666,667 in 2023. Last year, 17 out of top 500 private enterprises made R&D expenses exceeding 10 billion yuan ($1.37 billion), involving five sectors including computers, communications, electronic equipment manufacturing, Internet and related services, as well as automobile manufacturing.