Xi Jinping chairs a symposium with entrepreneurs, emphasizing:

　　Stimulate the vitality of market entities, champion the entrepreneurial spirit, and encourage businesses to play a greater role while achieving even stronger growth.

　　Xinhua News Agency, Beijing, July 21 — On the afternoon of July 21, Xi Jinping, General Secretary of the CPC Central Committee, President of China, and Chairman of the Central Military Commission, chaired a symposium with entrepreneurs in Beijing and delivered an important speech. He emphasized that since the reform and opening-up policy was introduced, China has steadily established and continuously improved its socialist market economy system. As a result, the market system has grown robustly, fostering the vigorous development of diverse market entities. However, the COVID-19 pandemic has dealt a massive blow to both China’s economy and the global economy, placing unprecedented pressure on many of our country’s market players. Market entities are the vital force driving economic growth; safeguarding these entities is, therefore, essential for preserving societal productivity. We must do everything possible to protect market participants, unleash their entrepreneurial vitality, champion the spirit of entrepreneurship, and encourage businesses to play an even greater role in achieving greater prosperity, thereby building a solid foundation for sustained economic development.

　　Wang Yang, Member of the Standing Committee of the Political Bureau of the CPC Central Committee and Chairman of the National Committee of the Chinese People's Political Consultative Conference; Wang Huning, Member of the Standing Committee of the Political Bureau of the CPC Central Committee and Secretary of the Secretariat of the Central Committee; and Han Zheng, Member of the Standing Committee of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, attended the symposium.

　　At the symposium, seven business leaders—Chen Zongnian, Chairman and Party Secretary of Hikvision Digital Technology Co., Ltd.; Ning Gaoning, Chairman and Party Secretary of Sinochem Group Co., Ltd.; Huang Li, Chairman of Wuhan Guide Infrared Co., Ltd.; Jiang Bin, Chairman of Goertek Inc.; Zhao Xianzhen, General Manager of Shanghai Pinhai Hotel; Hong Xiaowen, Microsoft’s Global Senior Vice President and Chair of Microsoft Asia-Pacific R&D Group; and Zhao Bingdi, President of Panasonic Electric Appliances (China) Co., Ltd.—spoke in turn, sharing their insights and suggestions on the current economic landscape, protecting market entities, boosting technological innovation, deepening corporate reforms, attracting and effectively utilizing talent, and planning for the development during the 14th Five-Year Plan period. Throughout the discussions, Xi Jinping engaged deeply with participants on several key issues, fostering a lively and dynamic atmosphere at the event.

　　After carefully listening to everyone's remarks, Xi Jinping delivered an important speech. He stated that, thanks to the concerted efforts of the entire nation, China has achieved significant strategic gains in epidemic prevention and control, while its economy is now showing signs of steady recovery and improvement. As a result, our country is leading the world both in managing the pandemic and reviving the economy—far better than initially anticipated. Moving forward, we must strengthen our confidence, face challenges head-on, and work diligently to make up for the losses caused by the outbreak, striving to secure strong economic performance for the year ahead.

　　Xi Jinping pointed out that market entities are the primary participants in China's economic activities, the main providers of employment opportunities, and the key drivers of technological advancement—playing a critically important role in the country's development. Since the outbreak of COVID-19, under the leadership of Party committees and governments at all levels, various market entities have actively joined the people's battle against the pandemic, working together in solidarity, overcoming challenges, and striving to recover on their own. At the same time, they have provided robust material support for epidemic prevention and control efforts. Xi Jinping expressed heartfelt gratitude to state-owned enterprises, private enterprises, foreign-invested firms, enterprises from Hong Kong, Macao, and Taiwan, as well as individual business operators, for their invaluable contributions to both pandemic response and socio-economic recovery and growth.

　　Xi Jinping emphasized that the CPC Central Committee has clearly called for solid implementation of the "Six Stabilities" and the fulfillment of the "Six Guarantees" tasks. In response, regions and departments across the country have rolled out a series of policies and measures aimed at safeguarding and supporting market entities. It is crucial to step up policy support even further, unlocking the vitality of these market players so they can not only survive but also achieve greater growth. First, we must effectively implement policies designed to relieve businesses and boost their competitiveness. This includes delivering more proactive and robust fiscal policies, as well as prudent yet flexible monetary measures, ensuring that macroeconomic policies are both targeted and timely. Continued tax and fee reductions, along with rent and interest rate cuts, will help keep businesses afloat. Importantly, these relief initiatives must reach the grassroots level directly, benefiting market entities without delay. Additionally, we need to strengthen financial support for businesses, expand inclusive finance, and assist export-oriented products in tapping into the domestic market. Second, we must create a business environment that is market-oriented, rule-of-law-based, and globally competitive. This involves fully enforcing the Civil Code and other relevant laws and regulations, ensuring equal legal protection for state-owned, private, and foreign-invested enterprises—including their property rights and autonomy in management. We should also comprehensively implement the negative list system for market access, uphold the Foreign Investment Law, further ease market entry barriers, and promote trade and investment facilitation. Third, we must foster a clean and constructive relationship between government and business. Leaders at all levels should engage with enterprises openly and transparently, genuinely understanding entrepreneurs' aspirations, challenges, and concerns. When formulating policies that affect businesses, it’s essential to actively seek input and advice from entrepreneurs. At the same time, we must firmly prevent issues like corruption involving power and money or commercial bribery, which could undermine the integrity of both government-business relations and the broader business environment. Finally, we must prioritize supporting the development of individual businesses. Actively assisting them in addressing difficulties related to rent, taxes, social insurance, financing, and other areas, while providing more direct and effective policy assistance to ensure their sustainable growth.

　　Xi Jinping pointed out that since the reform and opening-up policy was introduced, a thriving cohort of visionary and innovative entrepreneurs has emerged, forming a Chinese entrepreneurial force that embodies distinct characteristics of our era, national identity, and global excellence. Entrepreneurs must lead their companies through today’s challenges and steer them toward an even brighter future by continuously upholding the entrepreneurial spirit. This means cultivating patriotism, fostering innovation, maintaining integrity, embracing social responsibility, and cultivating a truly global perspective—qualities that will empower them to become a driving force in shaping China’s new development paradigm, building a modernized economic system, and advancing high-quality growth in the new era. Entrepreneurs should strengthen their patriotic commitment, aligning corporate growth closely with national prosperity, ethnic rejuvenation, and the well-being of the people. They must proactively step up to support the nation, share its burdens, and inspire their organizations to strive relentlessly for excellence, ultimately achieving higher-quality outcomes, greater efficiency, stronger competitiveness, and broader influence. Moreover, entrepreneurs must dare to innovate, serving as pioneers, orchestrators, and leaders in driving transformative change. They should boldly champion innovations in production processes, technology, and market strategies, while prioritizing investment in R&D and human capital development. By unlocking the creative potential of their workforce, they can help transform their enterprises into robust, innovation-driven entities. In addition, entrepreneurs should set exemplary standards of integrity and compliance, inspiring society at large to elevate its moral and cultural standards. At the same time, they must fulfill their social responsibilities by safeguarding stable employment opportunities, caring for employee health, and working hand-in-hand with their teams to navigate tough times together. Finally, entrepreneurs are encouraged to broaden their international outlook, remaining rooted in China yet reaching out globally. They should enhance their ability to anticipate and respond to shifting global market dynamics and consumer demands, master international trade rules, sharpen their capabilities in international market expansion, and bolster their capacity to manage cross-border risks. By doing so, they can guide their companies to thrive even more vigorously amid deeper and higher-quality global engagement.

　　Xi Jinping emphasized that, in the current external environment marked by rising protectionism, sluggish global economic growth, and shrinking global markets, we must focus entirely on managing our own affairs effectively. We need to fully leverage the advantages of our country’s ultra-large domestic market, gradually establishing a new development pattern characterized by a dominant domestic circulation, while fostering mutual reinforcement between domestic and international dual circulations. This approach will help modernize our industrial and supply chains, vigorously promote scientific and technological innovation, accelerate breakthroughs in critical core technologies, and ultimately build new strategic advantages for future growth. Having a dominant domestic circulation does not mean closing ourselves off from the world; rather, it involves tapping into the vast potential of domestic demand to better connect China’s domestic and global markets, enabling us to more effectively harness both international and domestic markets and resources for stronger, more sustainable development. Looking ahead, economic globalization remains an undeniable historical trend, and international cooperation based on division of labor, mutual benefit, and win-win outcomes is set to endure. We must stand firmly on the right side of history, steadfastly advancing reform and opening-up, strengthening open collaboration in science and technology, and actively promoting the building of an open global economy—ultimately contributing to the creation of a community with a shared future for humanity.

　　Xi Jinping pointed out that the 14th Five-Year Plan period marks the first five-year phase in embarking on a new journey toward fully building a modern socialist country, building on the achievements of having comprehensively built a moderately prosperous society—making it a milestone of immense significance. Relevant authorities should carefully study and incorporate the insights and suggestions put forward by business leader representatives. We are confident that, through joint efforts, businesses and individual entrepreneurs alike will undoubtedly play an even greater role and achieve greater growth in China’s drive toward socialist modernization.

 

　　Xinhua News Agency, Beijing, July 21

 

Speech at the Entrepreneurial Symposium

(July 21, 2020)

Xi Jinping

 

　　Today, we’re holding a symposium for entrepreneurs—first, to chat with everyone; second, to offer some encouragement; and third, to hear your thoughts and suggestions on the current economic situation as well as your ideas for corporate reform and development during the 14th Five-Year Plan period.

　　Attending today's symposium were leaders from state-owned enterprises, private-sector entrepreneurs, executives from foreign-invested companies as well as those from Hong Kong, Macao, and Taiwan-funded businesses—and representatives of individually owned businesses. Despite coming from diverse industries and regions, everyone has extensive experience in business management and operations, bringing with them unique insights and thoughtful perspectives on corporate development.

　　Just now, seven representatives delivered excellent speeches. Everyone discussed the current situation with honesty and realism, and their suggestions were highly relevant and insightful—truly valuable for consideration. After listening, I found myself greatly inspired. Relevant departments should carefully analyze the opinions and recommendations put forward by entrepreneurs and promptly develop corresponding policies and measures.

　　Now, based on everyone's comments, let me share a few points.

　　1. Protecting and Boosting the Vitality of Market Entities

　　Since the reform and opening-up policy was introduced, China has steadily established and continuously improved its socialist market economy system. As a result, the market infrastructure has grown steadily, fostering the vigorous development of diverse market entities. By the end of 2019, China had already registered 123 million market entities, including 38.58 million enterprises and 82.61 million individually operated businesses. These market players are the primary participants in China’s economic activities, the main creators of employment opportunities, and the key drivers of technological advancement—playing a critically important role in the nation’s development. Since the outbreak of the COVID-19 pandemic, under the strong leadership of Party committees and governments at all levels, various market entities have actively joined the nationwide effort to combat the crisis. They’ve worked together with resilience, overcoming challenges and striving to recover on their own, while simultaneously providing crucial material support for epidemic prevention and control. On this occasion, I would like to extend my heartfelt gratitude to state-owned enterprises, private companies, foreign-invested firms, enterprises from Hong Kong, Macao, and Taiwan, as well as individual business operators, for their invaluable contributions to both pandemic response and the country’s economic and social recovery!

　　Thanks to the concerted efforts of people across the country, China has now achieved significant strategic gains in COVID-19 prevention and control, while its economy is showing signs of steady recovery and improvement—placing the nation among the global leaders in both pandemic response and economic rebound. China’s economy experienced a sharp decline in the first quarter, but it stabilized and began recovering in the second quarter, turning from negative growth into positive territory with a 3.2% increase. Meanwhile, the country’s GDP for the first half of the year fell by 1.6%, a performance that was better than initially anticipated. Moving forward, we must stay confident, face challenges head-on, and work diligently to make up for the losses caused by the pandemic—striving to deliver strong economic results for the entire year.

　　The COVID-19 pandemic has delivered a massive blow to both China’s economy and the global economy, placing unprecedented pressure on many of our country’s market entities. Market entities are the very backbone of economic strength—safeguarding them means preserving society’s productive capacity. As the saying goes, "As long as the green hills remain, there’s no fear of running out of firewood." We must do everything possible to protect these market entities, ensuring they thrive and continue fueling economic growth.

　　The Party Central Committee has clearly emphasized the need to firmly implement the "Six Stabilities" and fulfill the "Six Guarantees" tasks. In response, regions and departments across the country have introduced a series of policies and measures aimed at protecting and supporting market entities. Moving forward, we must further strengthen policy support, boost the vitality of market players, and ensure that businesses not only survive smoothly but also achieve greater growth and development.

　　First, ensure the effective implementation of policies aimed at easing business burdens and supporting enterprises. We must deliver on a more proactive and robust fiscal policy, as well as a prudently flexible monetary policy, enhancing the targeted nature and timeliness of macroeconomic measures. Continue to cut taxes and fees, reduce rents and interest rates, and make sure that all relief initiatives reach grassroots levels and directly benefit market entities. Strengthen financial support for businesses by expanding inclusive finance, helping to alleviate the challenges—particularly the high costs—of financing faced by enterprises, especially small, medium, and micro-sized firms. Additionally, encourage export-oriented products with strong market demand to tap into domestic channels. State-owned enterprises, especially central enterprises, should take the lead in driving growth, collaborating with upstream and downstream businesses to navigate these challenging times together. Finally, bolster international cooperation while safeguarding both industrial and supply chains.

　　Second, we must create a business environment that is market-oriented, rule-of-law based, and internationally competitive. To achieve this, we need to effectively implement the Civil Code and relevant laws and regulations, ensuring equal protection under the law for the property rights and autonomous management rights of enterprises across all ownership structures—whether state-owned, privately owned, or foreign-invested—and fostering a legal framework that guarantees fair competition among all types of market players. We must also safeguard the legitimate rights and interests of entrepreneurs by strengthening protections for property rights and intellectual property, thereby establishing long-term, stable expectations for business development. Encouraging innovation while embracing calculated risks of failure, we should cultivate a vibrant atmosphere that inspires entrepreneurs to pursue bold initiatives and drive economic growth. Moreover, we must continue advancing administrative streamlining and decentralization of power, fully implementing the negative list system for market access to enable businesses to more effectively engage in market cooperation and competition. Additionally, we must rigorously enforce the Foreign Investment Law, further easing market entry barriers and promoting trade and investment facilitation. Finally, Chinese-registered enterprises must be treated equally, and we will work tirelessly to refine the environment for fair competition, ensuring that all businesses can thrive on an even playing field.

　　Third, foster a healthy and transparent government-business relationship. Leading officials at all levels should engage with businesses openly and honestly, genuinely understanding entrepreneurs' aspirations, concerns, challenges, and uncertainties. When formulating policies that affect businesses, it’s crucial to actively seek their input and advice. At the same time, we must firmly prevent issues like power-for-money deals or commercial bribery, which could undermine both the government-business relationship and the broader business environment. We must fully leverage the market’s decisive role in resource allocation while enhancing the government’s ability to play a more effective supporting role. After all, the government is not only the architect of market rules but also the guardian of fair competition. To this end, governments should deliver even higher-quality public services. Finally, we must encourage entrepreneurs to stay focused on their long-term goals, operating with unwavering determination and commitment. By remaining deeply rooted in and committed to the Chinese market, they can steadily build enduring success and thrive in China’s dynamic economic landscape.

　　Fourth, we must place high priority on supporting the development of individual businesses. China is home to more than 82 million such businesses, which collectively employ over 200 million people. They represent the largest group of market entities and serve as the most direct providers of everyday services to the public—yet they currently face the greatest number of practical challenges. We should proactively assist these businesses in overcoming difficulties related to rent, taxes, social insurance, financing, and other areas, while delivering more targeted and effective policy support.

　　2. Promoting Entrepreneurial Spirit

　　Since the implementation of reform and opening-up, a thriving group of bold, innovative entrepreneurs has emerged, forming a Chinese entrepreneurial force that embodies distinct characteristics of our era, national identity, and global excellence. To guide their companies through today’s challenges and steer them toward an even brighter future, these entrepreneurs must continuously refine themselves in areas such as patriotism, innovation, integrity, social responsibility, and a forward-looking international perspective—striving to become the driving force behind China’s efforts to build a new development paradigm, establish a modernized economic system, and foster high-quality growth in the new era. Here, I’d like to share a few thoughts and expectations.

　　First, I hope everyone can strengthen their patriotic spirit. Corporate marketing knows no borders, but entrepreneurs have a homeland. Outstanding entrepreneurs must embrace a profound sense of mission and a strong sense of responsibility toward their country and nation, aligning their business growth closely with the nation’s prosperity, the revival of the ethnic group, and the well-being of the people. They should proactively step up to serve the country and share its burdens—after all, "what benefits the nation is cherished, while what harms it is detested." Patriotism has long been a glorious tradition among China’s finest entrepreneurs, dating back to figures like Zhang Jian in the late Qing and early Republican eras, through Lu Zuofu and Chen JiaGeng during the War of Resistance Against Japan, and continuing into modern times with pioneers such as Rong Yiren and Wang Guangying after the founding of New China. Since the reform and opening-up policy, our country has also seen the emergence of countless patriotic entrepreneurs. Loving one’s country can take many forms, but at its core, it means building world-class enterprises—leading businesses to strive relentlessly for excellence, ensuring superior quality, higher efficiency, stronger competitiveness, and greater global influence.

　　Second, I hope everyone will dare to innovate. Innovation is the primary driving force behind development. As the saying goes, "Wealth lies in great undertakings, and constant renewal embodies noble virtue." For enterprises, entrepreneurial innovation activities are the key to fostering growth and progress. Visionary entrepreneurs like Edison and Ford in the U.S., Siemens in Germany, and Konosuke Matsushita of Japan were not only management gurus but also masters of innovation. Since the reform and opening-up policy began, China has achieved remarkable economic success on the global stage—success that is inseparable from the widespread spirit of innovation championed by countless entrepreneurs. Innovation requires the courage to embrace risk. In fact, daring to take the lead is precisely the quality we need most to overcome challenges, navigate uncertainties, and achieve high-quality development. Even in the face of the ongoing pandemic, when businesses across industries are grappling with unprecedented difficulties, opportunity still emerges amid crisis—but only for those willing to innovate. Entrepreneurs must step up as pioneers, organizers, and leaders of innovative development. They should boldly drive advancements in production organization, technological innovation, and market strategies. At the same time, they must prioritize investment in R&D and human capital, effectively harnessing their employees' creative potential. By doing so, they can transform their companies into robust innovation engines, enabling them to rise phoenix-like from adversity—emerging stronger and more resilient than ever before.

　　Third, we hope everyone will uphold integrity and abide by the law. "Sincerity is the way of heaven; striving for sincerity is the way of humanity." A person cannot stand without trust, and this holds especially true for businesses and entrepreneurs. The socialist market economy is inherently a credit-based and rule-of-law-driven economy. Entrepreneurs must interact with various stakeholders and mobilize diverse resources—such as people, capital, and materials—but without integrity, progress becomes virtually impossible. Unfortunately, due to various factors, some enterprises still exhibit significant instances of dishonesty, or even violations of laws and regulations, in their business operations. A strong sense of the rule of law, a commitment to contractual spirit, and a dedication to honoring agreements are essential principles guiding modern economic activities—and they are also critical requirements for building a credit-based and rule-of-law-oriented economy. Entrepreneurs should lead by example, demonstrating integrity and legal compliance, thereby inspiring society as a whole to elevate its moral standards and overall level of civility.

　　Fourth, I hope everyone will embrace social responsibility. As I’ve mentioned, businesses have not only economic and legal responsibilities but also social and ethical ones. After all, any company that exists within society is, in fact, a part of that very society. Society provides the perfect stage for entrepreneurs to showcase their talents and capabilities. Only those entrepreneurs who genuinely give back to society and earnestly fulfill their social obligations will earn true recognition—and ultimately become leaders who meet the demands of our time. In recent years, an increasing number of entrepreneurs have stepped forward to support various public welfare initiatives. During the fight against the COVID-19 pandemic, countless business leaders actively contributed financially and through donations of essential supplies, while also offering volunteer services, making significant and commendable contributions. Today, with rising employment pressures and some workers facing the risk of unemployment, caring for employees has become a crucial aspect of fulfilling social responsibility. Entrepreneurs must strive to stabilize job positions, prioritize employee well-being, and work hand-in-hand with their teams to navigate these challenging times together.

　　Fifth, I encourage everyone to broaden their international perspective. For only with a broadened vision can one cultivate an equally expansive mindset. Since the reform and opening-up policy began, Chinese entrepreneurs have steadily grown and honed their skills in the global marketplace, continuously enhancing their ability to leverage both domestic and international markets and resources. Over the past decade, Chinese companies have significantly accelerated their overseas expansion, increasingly engaging in deeper and wider participation in international market development—and as a result, more and more world-class enterprises have emerged. However, in recent years, economic globalization has faced headwinds, with escalating trade tensions and friction. In response, some businesses have adjusted their industrial layouts and global resource allocations, taking into account factors such as production costs and the evolving trade environment. These adjustments are entirely normal as part of routine business operations. At the same time, we must recognize that China remains the world’s most promising and largest market, boasting the most comprehensive industrial infrastructure and supply chain support. Entrepreneurs should remain firmly rooted in China while keeping their eyes on the global stage. By doing so, they can better anticipate international market trends and consumer demands, strengthen their grasp of global trade rules, enhance their capacity to tap into international markets, and improve their ability to manage risks associated with overseas operations. Ultimately, this approach will enable Chinese enterprises to achieve even greater success in the process of higher-level opening up, fostering robust growth amid the dual circulation strategy—both domestically and internationally.

　　3. Focus fully on managing our own affairs effectively

　　At this year's National Two Sessions, I emphasized that looking ahead, we must gradually establish a new development pattern characterized by the domestic economic loop as the mainstay, with domestic and international loops reinforcing each other. The primary rationale behind this approach is that the world today is undergoing a transformation of unprecedented magnitude in a century, driven by the rapid rise of a new round of scientific and technological revolutions and industrial shifts. In the past, under the external conditions of deepening economic globalization, leveraging our access to both global markets and resources—often referred to as "both ends abroad"—played a crucial role in fostering China’s rapid economic growth. However, in today’s context, marked by rising protectionism, sluggish global economic prospects, and shrinking international markets, we must fully capitalize on the immense advantages of our ultra-large domestic market. By boosting the domestic economy and ensuring smooth circulation within the country, we can inject fresh momentum into China’s own development—and, in turn, help reignite global economic recovery. To achieve this, we must elevate the modernization of our industrial and supply chains, vigorously promote technological innovation, accelerate breakthroughs in critical core technologies, and forge new competitive edges for future growth.

　　I have repeatedly emphasized that China’s door of openness will never close—it will only open wider and wider. While prioritizing the domestic economic loop, this does not mean closing ourselves off from the world; instead, it involves tapping into our vast domestic demand potential to better connect China’s market with global markets, enabling us to leverage both international and domestic resources more effectively and achieve stronger, more sustainable growth. Looking ahead, economic globalization remains an unstoppable historical trend, and mutually beneficial cooperation among nations, based on division of labor, is set to endure as the overarching long-term pattern. We must stand firmly on the right side of history, steadfastly advancing reform, deepening opening-up, strengthening open collaboration in science and technology, and actively promoting the building of an open global economy—ultimately contributing to the creation of a community with a shared future for humanity.

　　Starting next year, China will enter the "14th Five-Year Plan" period—a crucial milestone as it marks the first five-year phase in our nation’s journey toward fully building a modern socialist country, building on the achievements of having already established a moderately prosperous society in all respects. The Central Party Committee attaches great importance to drafting the "14th Five-Year Plan," and relevant preparatory work is currently underway. Today, many valuable opinions and suggestions have been shared regarding the plan—please ensure that these insights are carefully studied and incorporated by the relevant authorities. We believe that with collective efforts, businesses of all sizes and individual entrepreneurs alike will undoubtedly play an even greater role and achieve greater growth as we advance along the path of socialist modernization in China.