A global perspective on China's private sector: How policy innovations fuel high-quality development

This year's Two Sessions put spotlight on the development of China's private economy. Why does the private sector matter so much in China? Anthony William Donald Anastasi, associate professor of economics at Wenzhou Business College, emphasizes that aligning private sector growth with national development goals is crucial for a country to transition from middle-income to high-income status. China has already achieved remarkable progress through industrial upgrading. The nation is now pivoting toward a development strategy fueled by domestic consumption. This structural transformation not only expands the domestic market but also infuses fresh vitality into businesses and the broader economy.