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Fujian deputy eyes private economy

By CAO DESHENG and HU MEIDONG | China Daily | Updated: 2024-03-12 09:18

Huang Maoxing [Photo provided to chinadaily.com.cn]

Huang Maoxing, a deputy to the National People's Congress from Fujian province, has called for concrete policies to boost the development of the private economy and stimulate private enterprises to promote high-quality development of the sector.

As a national lawmaker, Huang, who is also vice-president of the Fujian Academy of Social Sciences, has submitted suggestions to the National People's Congress, the nation's top legislature, every year since 2018.

Huang's motion for this year's session was focused on promoting the high-quality development of the private economy, in addition to green transformation and technological innovation.

Last year, Fujian issued and implemented a guideline on advancing the high-quality development of the private economy in the new era, and established a leading group to boost the comprehensive implementation of the strategy in the province.

These initiatives have injected strong confidence into the development of private enterprises in the province, Huang said.

The private economy is a crucial force in Fujian's economic development, creating employment, generating tax revenues and fostering a multitude of market entities, he added.

The private economy in Fujian contributes approximately 70.6 percent of the province's tax revenue, around 70 percent of GDP, over 70 percent of technological innovation achievements, more than 80 percent of urban employment, and 94 percent of total market entities.

Huang frequently conducted research in private enterprises in the past year, learning about the challenges they face during their development and listening to the demands of private entrepreneurs.

"Through on-site investigations, I gained first-hand information, which has deepened my understanding of the contributions of private enterprises to the Chinese economy," he said.

"Simultaneously, I have also gained insight into the assistance needed for the development of private enterprises."

It is crucial to turn the beneficial policies and measures unveiled by the central and provincial governments into a real impetus to boost the growth of the private economy, Huang said.

China has announced concrete measures in multiple areas to enhance support for the private economy.

They include accelerating the legislative process of the law on the promotion of the private economy, attracting more private capital to participate in major national engineering projects, such as railways and nuclear power, as well as in other sectors covering energy, water facilities, and ecological and environmental protection, and improving work mechanisms with a view to better serving the growth of the private economy.

While acknowledging the importance of leveraging the policies, Huang also stressed the need to vigorously propel private enterprises to adapt to modern technological and industrial transformation and accelerate the development of new quality productive forces.

It is important for private enterprises to upgrade industries, optimize structures and promote the high-end, intelligent and green transformation of industries, he said.

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