China's private entrepreneurs vow confidence on development prospects

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China's private businesses, which were vitally important to China's 40 years of reform and opening up, will continue to prosper as the comprehensive support from the government to the sector continues, entrepreneurs said at a symposium on private enterprises Wednesday.

Liu Yonghao, chairman of the New Hope Group, China's largest private agribusiness firm, said the high-level symposium, along with supportive policies unveiled afterward, shored up private entrepreneurs' confidence.

A symposium was presided over by President Xi Jinping on private enterprises in Beijing on November 1, where Xi was briefed by 10 entrepreneurs, mostly from small and medium-sized companies, about their difficulties and suggestions on the private sector. Related government departments addressed the problems properly.

A host of policies were unveiled for private businesses, including tax references, better public services, as well as accessible and affordable financing.

These policies promise bright prospects for private businesses, Zhou Haijiang, board chairman of the HoDo Group, one of China's largest apparel manufacturers, said.

Nan Cunhui, chairman of Chint Group, a power equipment company, said the country had made significant progress in improving its legal system, dispelling concerns of private entrepreneurs, and more will be done as the country vowed to ensure entrepreneurs' personal and property safety at the symposium.

Private economy spurred employment and innovation capabilities, pressed ahead with the sound building of the market economy and modern enterprise systems, and in the meantime helped form the spirit of the contract and rule consciousness, Nan said, noting that private enterprises have played an important part in China's economic and social gains.

With the favorable environment built by the government and a massive market in the country, Liu said private businesses will feel more assured to expand investment and boost research and development.

He also said the group will expand investment and R&D input to explore opportunities brought by the country's consumption upgrade.

Nan commented that as the country seeks to boost high-quality development, private companies will enjoy huge opportunities as long as they focus on enhancing the competitiveness of their products and services.

The creation is vital to the development of traditional companies, including internationalization, technical innovation and partnerships, and some private entrepreneurs have been considering how to help achieve the agricultural modernization, the new potential of China's economic growth in the future, according to Liu.

(With inputs from Xinhua)