In another show of support for China’s private sector, Beijing has released the details of a speech from President Xi Jinping which included vows the country would guarantee a level playing field for private firms, safeguard entrepreneurs’ lawful rights and interests, and step up efforts to solve their long-standing challenges, including overdue payments.
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The full address, delivered in February to a group of China’s leading entrepreneurs, had not been made available to the public before Friday, when Qiushi – the ruling Communist Party’s theoretical journal – posted a transcript on its website.
“The policies and measures to promote the development of the private economy must be implemented in a solid and thorough manner,” Xi said in February. “Whatever the party Central Committee has decided must be resolutely carried out – without ambiguity, delay, or compromise.”
Among those present at the gathering were founders and CEOs from the country’s major tech companies, including Alibaba’s Jack Ma, Wang Xingxing of Unitree Robotics, DeepSeek’s Liang Wenfeng and Ren Zhengfei of Huawei Technologies. Alibaba is the owner of the South China Morning Post.
“In recent years, governments at all levels have introduced various enterprise relief policies, yet many private businesses report limited tangible benefits,” Xi said.
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“To address this, we must first enhance policy precision – grounding measures in reality and ensuring that commitments translate into concrete, substantive assistance. Moreover, all eligible enterprises of the same category should receive equal treatment.”