Report of the State Council on Promoting the Development of the Private Economy (Full Text)

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Report of the State Council on Promoting the Development of the Private Economy

At the 10th meeting of the Standing Committee of the 14th National People's Congress on June 25, 2024

Zheng Bei, Vice Chairman of the National Development and Reform Commission

The Standing Committee of the National People's Congress:

In accordance with the arrangements of the NPC Standing Committee's supervision work plan and entrusted by the State Council, the following report on the promotion of the development of the private economy is hereby submitted for deliberation.

The private economy is a new force in promoting Chinese-style modernization, an important foundation for high-quality development, and an important force in promoting the mainland to build itself into a modern socialist country in an all-round way and realize the second centenary goal. General Secretary Xi Jinping attaches great importance to the development of the private economy, clearly pointed out that the private economy is an intrinsic element of the mainland's economic system, and that private enterprises and private entrepreneurs are our own people, emphasizing the need to adhere to the basic economic system, adhere to the "two unwavering", and promote the healthy development of the non-public economy and the healthy growth of people in the non-public economy. The 20th National Congress of the Communist Party of China emphasized that it is necessary to optimize the development environment of private enterprises, protect the property rights of private enterprises and the rights and interests of entrepreneurs in accordance with the law, and promote the development and growth of the private economy.

The Standing Committee of the National People's Congress has long been concerned about and supported the development of the private economy, continued to improve relevant laws, carried out law enforcement inspections, and this year included the formulation of the law on the promotion of the private economy in its annual legislative plan, so as to provide legal guarantees for optimizing the environment for the development of the private economy. The NPC Standing Committee's strengthening of supervision over the work of promoting the development of the private economy is of great significance to promoting the development and growth of the private economy.

1. Since the 18th National Congress of the Communist Party of China, important achievements have been made in promoting the development of the private economy

Since the 18th National Congress of the Communist Party of China, the CPC Central Committee with Comrade Xi Jinping at the core has strengthened its leadership over the work of the private economy, made a series of decisions and arrangements to promote the development and growth of the private economy, and all regions and departments have resolutely implemented them, focused on creating a good environment for the development of the private economy, helped private enterprises solve difficulties in development, and continued to promote the healthy and high-quality development of the private economy.

(1) Accelerate the construction of a policy system for the development of the private economy. Improve the top-level design. The CPC Central Committee and the State Council have issued a series of important policy documents on improving the property rights protection system, promoting excellent entrepreneurship, and supporting the reform and development of private enterprises. In response to the new situation and new problems faced by the development of the private economy, the opinions on promoting the development and growth of the private economy were issued in July 2023, further releasing a strong signal to promote the development and growth of the private economy. Refine policy initiatives. Various departments have introduced and implemented a series of supporting policies in promoting private investment, promoting fair access, strengthening financial support, stabilizing foreign trade and promoting consumption, enhancing human resource support, cultivating high-quality enterprises, optimizing tax services, strengthening legal guarantees, and improving the government's creditworthiness performance mechanism.

(2) The market environment for the development of the private economy has been continuously optimized. Continue to break down barriers to market access. Accelerate the construction of a unified national market, establish a unified national negative list system for market access, and continue to reduce the negative list items. Breakthroughs have been made in the liberalization of competitive businesses in key industries and fields such as electric power, telecommunications, railways, oil and natural gas, with the first Hangzhou-Shaoxing-Taiwan high-speed railway controlled by private capital completed and opened to traffic, and the construction of the first phase of the Sanao Nuclear Power Plant and the first phase of the Jinqimen Nuclear Power Station with the participation of private enterprises. Accelerate the implementation of the fair competition policy system. Strengthen fair competition review and anti-monopoly law enforcement, and carry out special clean-up work nationwide on policies and measures that hinder the unified market and fair competition, and clean up a total of 17,600 policies and measures of various types in 2023. Implement the opinions on innovating and improving the system and mechanism to promote the standardized and healthy development of the bidding and bidding market, formulate and implement rules for the review of fair competition in the field of bidding and bidding, carry out special rectification of outstanding problems in the field of bidding and bidding, and investigate and correct a number of violations of laws and regulations such as excluding or restricting the bidding of private enterprises. Effectively reduce the burden on enterprises. In 2023, taxpayers in the private economy will add 1,686.46 billion yuan in tax and fee reductions and tax refunds and deferrals, accounting for 75.7% of the country's new tax and fee reductions and tax refunds and deferrals. Carry out in-depth special actions to clean up the arrears of enterprises, and establish a long-term mechanism to solve the problem of arrears of enterprises. Strengthen the guarantee of international business services. Organize a variety of bilateral and multilateral investment promotion activities with rich content. Optimize the comprehensive service of "going out", and strengthen the function of information service and risk early warning. Actively provide legal assistance, response guidance and capacity training for private enterprises.

(3) The support for the development of the private economy has been further strengthened. Continue to strengthen financial services. 25 measures for financial support for the development of the private economy have been introduced, the evaluation of the effect of credit policy guidance for private enterprises has been carried out, and the incentives and constraints for financial institutions to support the private economy have been strengthened. As of the end of May 2024, the balance of private sector loans in local and foreign currencies was 66.4 trillion yuan, an increase of 81.6% from the end of 2018, and the weighted average interest rate of new loans to privately held enterprises was 4.05%, a decrease of about 2 percentage points from the end of 2018. Strengthen human resource guarantees. Build a platform for private enterprises, individual industrial and commercial households to connect employment and labor job search information, promote the transfer and continuation of social security across provinces, and smooth the channels for the declaration of professional and technical personnel in private enterprises. Promote the solution of land use difficulties. Establish and improve the unified urban and rural construction land market, deepen the reform of market-oriented allocation of industrial land, encourage the revitalization of the stock of construction land, and strive to enhance the flexibility of land management. Increase support for innovative elements. Improve the allocation of scientific and technological innovation resources, and explore the implementation of coordinated allocation of innovation resources for major strategic projects, key industrial chains and innovation chains. Accelerate the opening of major national scientific research infrastructure and large-scale scientific research instruments to private enterprises. Promote innovation in technologies and industrial applications related to data elements, cultivate an ecosystem of data element circulation and transaction services, promote the compliant and efficient circulation and use of data, and empower the real economy, including private enterprises.

(4) The construction of the rule of law for the development of the private economy continues to advance. Improve the legal system related to enterprises. Cooperate with the promulgation and implementation of the mainland's first civil code, the promulgation of amendments to the Criminal Law (11) and (12), repeal the interim regulations on private enterprises, promulgate and implement regulations on optimizing the business environment, and regulations on ensuring the payment of small and medium-sized enterprises, promote the revision of a series of laws and regulations such as the Company Law, the Securities Law, the Anti-Monopoly Law, the Anti-Unfair Competition Law, the Law on the Promotion of Small and Medium-sized Enterprises, the Patent Law, the Trademark Law, and the Copyright Law, and formulate market rules that clarify the rights and obligations of various enterprises and regulate fair competition. Improve the level of standardization of administrative law enforcement work. We will further promote the implementation of the "three systems" of administrative law enforcement publicity, record of the whole process of law enforcement, and legal review of major law enforcement decisions. Amend the Administrative Punishment Law to further improve the punishment standards and procedures, and clarify that "no punishment will be imposed for the first violation" and "no punishment will be imposed for any incident". Issued guidance on further regulating and supervising the setting and implementation of fines, and completed the special cleanup of fines in existing administrative regulations and departmental rules. Enhance the quality and efficiency of the judiciary. Publish typical cases of protecting the property rights of enterprises and the lawful rights and interests of entrepreneurs, establish and complete effective prevention and normalization mechanisms for wrongful cases involving property rights, punish all kinds of illegal and criminal acts that infringe on the rights and interests of private enterprises and private entrepreneurs in accordance with the law, and deploy and carry out special cleanup of "pending cases" in criminal cases involving private enterprises, to help improve the corporate governance of private enterprises.

(5) The development and growth of the private economy has become more and more social. Strengthen policy publicity and public opinion guidance. Carry out a series of policy publicity, vigorously publicize the deeds of outstanding private enterprises and entrepreneurs, guide the whole society to objectively, correctly and comprehensively understand the private economy and private economic personnel, correctly understand the major contributions and important role of the private economy, and cultivate a public opinion environment that respects the innovation and entrepreneurship of the private economy. Resolutely resist, promptly refute, and clarify erroneous remarks and practices that question the basic socialist economic system and negate and weaken the private economy. Promote the healthy growth of people in the private economy. Strengthen the construction of high-quality representatives of the private economy, improve the education and training system for private economic personnel, increase the training of the younger generation of private economic personnel, and vigorously promote the excellent entrepreneurial spirit. The majority of private entrepreneurs actively practice the core values of socialism, take the initiative to participate in major national strategies, conscientiously fulfill their social responsibilities, take the responsibility of serving the country by industry and strengthening the country through industry, and strive to be a model of patriotism and dedication, law-abiding management, entrepreneurship and innovation, and social returns.

(6) The working mechanism for the development of the private economy has been improved. Improve functional institutions. In September 2023, in accordance with the decision and deployment of the Party Central Committee, the Central Committee approved the establishment of the Private Economic Development Bureau in the National Development and Reform Commission, as a special working institution to promote the development and growth of the private economy, and strengthen the organizational guarantee for promoting the high-quality development of the private economy. Improve the normalized communication mechanism. Strengthen the vertical linkage between the central and local governments, build and improve the normalized communication and exchange mechanism between the national, provincial, municipal, and county levels and private enterprises, promote the construction of an information platform for government-enterprise exchanges, listen to the real demands of private enterprises in a systematic manner, and accelerate the construction of a new type of pro-Qing and unified political and business relationship. Strengthen problem-solving mechanisms. Strengthen horizontal coordination between departments, establish an inter-ministerial joint conference system to promote the development and growth of the private economy, continue to make efforts to solve cross-regional and cross-departmental difficulties and blockages, and do a good job in feedback and follow-up results. Give full play to the role of the Federation of Industry and Commerce in promoting the "two healths". Further strengthen the party building work of private enterprises, and realize the coverage of the party's organization and work in the enterprises of the executive committee of the All-China Federation of Industry and Commerce. Carry out education on ideals and beliefs of people in the private economy on a regular basis. Strengthen the construction of private enterprises under the rule of law, build a platform for domestic and foreign cooperation and docking of private enterprises, and continuously improve the ability and level of high-quality development of private enterprises.

Since the 18th National Congress of the Communist Party of China, under the scientific guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the private economy has continued to grow and has become an indispensable and important force in promoting the development of the mainland. First, the scale and strength continue to improve. From 2012 to 2023, the proportion of private enterprises in the total number of enterprises in the country will increase from 79.4% to 92.3%, reaching more than 5,300,000, and the number of individual industrial and commercial households will increase from more than 4,000 to 124 million. Among the industrial enterprises above designated size, the operating income of private enterprises increased by 8.3 percent annually and the total profit increased by 7.9 percent annually. The number of private enterprises in the world's top 500 has increased from 6 to 36. Second, the level of innovation continues to improve. From 2012 to 2022, the number of private enterprises in the national high-tech enterprises increased from 28,000 to 359,000, and the proportion increased from 62.4% to 90.9%. A total of 12,000 "little giant" enterprises and 135,000 specialized, special and new small and medium-sized enterprises have been cultivated. Among the industrial enterprises above designated size, the R&D expenditure of private enterprises increased from 270.88 billion yuan to 1,194.09 billion yuan, accounting for 37.6% of all industrial enterprises above designated size, and the proportion of all industrial enterprises above designated size increased from 37.6% to 61.7%. Third, international competitiveness continues to improve. From 2012 to 2023, the import and export volume of private enterprises will grow by an average of 11.1% per year, accounting for more than 50% of the country's total import and export volume. Since 2019, private enterprises have become the largest foreign trade operators in the mainland and an important force in the mainland's participation in international economic and trade cooperation. Fourth, social contribution continues to improve. The private economy absorbs more than 80 percent of urban labor employment. In the process of winning the battle against poverty in an all-round way, a total of 127,000 private enterprises have participated in the targeted poverty alleviation action of "10,000 enterprises helping 10,000 villages", with an industrial investment of more than 110 billion yuan, benefiting more than 18 million registered poor people.

2. Opportunities and challenges for the development of the private economy

The CPC Central Committee attaches great importance to the development of the private economy, and from the comprehensive analysis of the macro environment, basic conditions, and development trend in the current and future periods, the development and growth of the private economy has solid support and unique advantages.

First, the comprehensive national strength has been significantly improved, laying a solid foundation for the development of the private economy. In 2023, the mainland's GDP will reach more than 126 trillion yuan, fiscal revenue will be more than 21 trillion yuan, foreign exchange reserves will be more than 3.2 trillion US dollars, industrial intelligence, greening, and integration will continue to advance, the industrial system will be complete, the people's growing needs for a better life, and the super-large-scale domestic market will bring significant advantages in economies of scale, innovation and development, and impact resistance, and have the ability and conditions to create a stable macroeconomic environment for the development and growth of the private economy.

Second, in-depth reform and high-level opening-up have injected strong impetus into the development of the private economy. Further deepen the reform in an all-round way, especially the construction of a unified national market, the market-oriented allocation of factors, the property rights protection system and other reform measures continue to be effective, promote the improvement of resource allocation efficiency, reduce transaction costs, and better stimulate the endogenous power of the development of private enterprises. At the same time, the scope and scope of opening up to the outside world continue to expand, and the Belt and Road Initiative has become a popular international public good and international cooperation platform, which will help private enterprises better integrate into the domestic and international dual circulation and continuously improve their competitiveness.

Third, the scientific and technological revolution and industrial transformation have brought new opportunities for the upgrading of the private economy. The world's scientific and technological revolution is in the ascendant, the overall efficiency of the mainland's innovation system is constantly improving, and its position in the global innovation chain is becoming increasingly important.

Fourth, we should make comprehensive efforts to strengthen the development of the private economy and form a strong support. The consistency of macro policy orientation has been continuously enhanced, the policies of finance and taxation, finance, employment, industry, region, science and technology, environmental protection and other aspects have been further strengthened in the same direction, the working mechanism of the central and local governments to promote the development and growth of the private economy has been accelerated, and all localities have creatively implemented private economic support policies according to local conditions, and the normalized communication and exchange mechanism has been more perfect, and the social consensus on promoting the development of the private economy has been further condensed, which is conducive to better solving the problems in the development of the private economy.

At the same time, the development of the private economy still faces some problems and challenges. The contradictions between market access and access to factors are still prominent, and hidden barriers to private enterprises entering some key areas still exist, and some private enterprises are still difficult to obtain equal access to capital, talent, technology, data and other factor resources. The protection of the property rights of private enterprises and the rights and interests of entrepreneurs is not sufficient, the laws and regulations to ensure the development of the private economy are not perfect, administrative law enforcement and criminal justice need to be optimized, and cases of spreading rumors, smearing private enterprises, and infringing on entrepreneurs' personal rights, personality rights, and property rights still exist. There are still shortcomings in the implementation of policies and the supply of services, and there are still "glass doors", "spring doors", and "revolving doors" in the implementation of some policies, and the establishment of creditworthiness in government affairs in some places needs to be strengthened, and the problem of "serial arrears" of enterprise accounts still needs to be resolved. The ability and competitiveness of some private enterprises to transform and upgrade need to be improved, the vitality of innovation and entrepreneurship in some fields of the private economy is not high enough, and the development mode of some private enterprises is extensive, the management is not standardized, and the construction of modern enterprise system lags behind.

Third, the key work of further promoting the development and growth of the private economy

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly study and implement the spirit of General Secretary Xi Jinping's important expositions and important instructions on the private economy, fully implement the deployment requirements of the 20th National Congress of the Communist Party of China, adhere to the "two unwavering", and constantly improve the high-level socialist market economy system that meets the needs of economic development under various forms of ownership, give full play to the decisive role of the market in the allocation of resources, and better play the role of the government. In terms of the protection of rights and interests, we have launched pragmatic and effective measures, paid close attention to the implementation of policies, made every effort to improve the environment and strengthen services, break down barriers and solve problems, and improve confidence in dredging points, so as to promote the high-quality development of the private economy.

(1) Strive to optimize the environment for the development of the private economy. Further improve the market access system. Promote all types of business entities to enter industries, fields, and businesses outside the negative list on an equal footing in accordance with law. We will speed up the construction of a large, efficient, standardized, fair competition, and fully open national unified market, and strive to eliminate local protection and market segmentation. Continue to optimize and improve the market access and exit system. Fully implement the fair competition policy system. Implement the regulations on fair competition review, revise the detailed rules for the implementation of the fair competition review system as soon as possible, promote the implementation of fair competition review rules in the field of bidding and bidding, and continue to strengthen fair competition review and anti-monopoly law enforcement. Accelerate the revision of the Bidding and Bidding Law, the Government Procurement Law and related implementation regulations, and increase the support for small and medium-sized enterprises in government procurement. We will continue to build a market-oriented, law-based, international, and first-class business environment. Accelerate the establishment of a uniform, standardized, coordinated and shared, scientific and efficient credit restoration system. Study the establishment of a long-term regulatory mechanism for enterprise-related fees.

(2) Strive to increase support for the development of the private economy. Increase the supply of financial resources. Increase credit investment in private enterprises, improve risk sharing and compensation mechanisms, and support eligible private enterprises to go public for financing and refinancing. Encourage financial institutions to actively promote the active credit extension and borrowing and repayment models to meet the needs of enterprises for flexible use of funds. Give full play to the role of the national financing and credit service platform, and further promote service models such as "Credit Ease Loan". Implement measures for the high-level development of capital market services for science and technology enterprises, and increase support for start-up and seed-stage entrepreneurship. Strengthen the guarantee of land and talent elements. Further optimize the process and links of land supply, improve the efficiency of land supply, promote the implementation of industrial chain land supply, and implement the overall supply of multiple land involved in key projects of the industrial chain. Smooth the flow channels of talents to private enterprises, continue to broaden the channels for the declaration of professional and technical personnel titles in private enterprises, promote the transfer and continuation of social insurance relations across provinces, and support private enterprises to introduce innovative talents. Carry out the action of improving the vocational skills of millions of employees of private enterprises. Optimize the allocation of innovation elements. Support private enterprises to organize industry-university-research joint research, form innovation consortiums, and participate in major national scientific research tasks and the construction of national scientific and technological innovation platforms. We will continue to implement innovation incentive policies such as additional deduction of R&D expenses, high-tech enterprises and technology-based small and medium-sized enterprises. Increase support for specialized, special and new small and medium-sized enterprises. We will continue to improve the construction of systems and mechanisms for data property rights, circulation and transactions, income distribution, and security governance, and support data-element enterprises, including private enterprises, to become better and stronger.

(3) Strive to strengthen legal safeguards for the development of the private economy. Protect the property rights of private enterprises and the rights and interests of entrepreneurs in accordance with the law. Promote and speed up the formulation of the law on the promotion of the private economy. Comprehensively advance strict, standardized, fair, and civilized law enforcement. Strictly implement legal principles such as the legality of crimes, the absence of suspected crimes, and the non-retroactive application of the law, strictly distinguishing between crimes and non-crimes, and preventing improper case filing, selective law enforcement and justice, profit-seeking law enforcement and justice, or local judicial protections. Further standardize compulsory measures related to property rights, avoiding the sealing, seizure, and freezing of assets beyond authority, scope, or time limit. Carry out measures such as detention and retention in custody in accordance with laws and regulations, and carry out review and investigation work in accordance with regulations, discipline, and law. Strengthen the protection of intellectual property rights. Punish illegal acts such as infringement of trademark rights, patent rights, and copyrights, as well as acts of unfair competition such as infringement of trade secrets, counterfeiting, and confusion, in accordance with law, and actively explore multiple channels for resolving intellectual property disputes. Promote the resolution of the problem of corporate account arrears. Revise the regulations on guaranteeing the payment of funds to small and medium-sized enterprises, and further improve the institutional arrangements for resolving the problem of arrears owed by government agencies, public institutions, and large enterprises to small and medium-sized enterprises. Advance the establishment of creditworthiness in government affairs, establishing mechanisms for credit supervision and management of enterprise arrears. Strictly implement the newly revised "Regulations on Disciplinary Punishment of the Communist Party of China" on "new officials ignore old accounts" and the "Regulations on the Punishment of Managers of State-owned Enterprises" on refusing or delaying the payment of small and medium-sized enterprises in violation of regulations, so as to provide a strong disciplinary and legal guarantee for resolving the problem of arrears in enterprise accounts at the root. Strengthen the governance of the source of corruption in private enterprises. Promote enterprises to strengthen education on the rule of law, and create an atmosphere of corporate culture of integrity and integrity. Punish crimes of internal corruption in private enterprises in accordance with law, and continue to further advance the compliance reform of enterprises involved in cases.

(4) Strive to strengthen policy coordination and supervise implementation. Strengthen policy coordination and coordination. Clean up laws, regulations, and policies involving unequal treatment of enterprises, and carry out special assessments of policies related to the private economy in the assessment of the consistency of macro policy orientations. Continue to broaden the channels for private enterprises to participate in government decision-making. Promote the implementation of policies and achieve results. Implement a new mechanism for public-private partnerships, and encourage private capital to participate in major projects and make up for shortcomings. Support private enterprises to actively participate in large-scale equipment renewal and trade-in of consumer goods. We will continue to promote the direct enjoyment of funds benefiting enterprises, and implement various preferential tax policies that benefit the development of the private economy. Increase the intensity of services to help enterprises. Give full play to the role of the State Council's comprehensive supervision, special supervision and "Internet + supervision", the inter-ministerial joint conference system to promote the development and growth of the private economy, the normalized communication and problem-solving mechanism, and the "12345" service hotline for enterprises, etc., to promote problem solving. Build and make good use of the comprehensive service platform for the development of the private economy, the national public service demonstration platform (base) for small and medium-sized enterprises, and the national service network for small and medium-sized enterprises. Regularly carry out the evaluation of the effect of financial institutions serving the credit policy guidance of private enterprises. Strengthen the statistics, monitoring and analysis of the private economy. Further give play to the role of the Federation of Industry and Commerce and industry associations and chambers of commerce in promoting the high-quality development of the private economy.

(5) Strive to promote the strengthening of capacity building of private enterprises. Guide enterprises to improve their governance structure and management system. Improve the modern enterprise system with Chinese characteristics, support private enterprises to make up for their shortcomings, strengths and weaknesses, and strive to become a world-class enterprise. Strengthen risk prevention and management. Guide the establishment of a comprehensive risk management system covering corporate strategy, planning, investment and financing, market operation and other fields. Give full play to the role of the real estate financing coordination mechanism, and meet the reasonable financing needs of real estate enterprises with different ownership systems without discrimination. Promote enterprises to accelerate transformation and upgrading. Encourage private enterprises to carry out digital transformation, and participate in the investment and construction of new infrastructure such as data centers and industrial Internet, as well as application innovation. We will further promote the implementation of the construction project of manufacturing innovation centers, and continue to cultivate characteristic industrial clusters for small and medium-sized enterprises. Supporting enterprises to improve their international competitiveness. Strengthen the service and guidance for overseas investment and cooperation of private enterprises, safeguard the legitimate rights and interests, enhance the self-discipline and internal construction capacity of private enterprises "going global", continuously improve the guidance network for responding to overseas intellectual property disputes, and take multiple measures to support private enterprises to participate in the global industrial division of labor and resource allocation.

(6) Strive to create a social atmosphere that cares about and supports the development of the private economy. Strengthen public opinion publicity and guidance. In-depth publicity and interpretation of Xi Jinping's economic thought, continue to publicize the Party Central Committee's position and attitude of adhering to the "two unwavering" and "three unchanged" and policies and measures to promote the development and growth of the private economy, promote the typical experience and practices of the development of the private economy, cultivate positive examples of private enterprises and entrepreneurs, and better play the important role of the private economy. Regulate the order of information dissemination involving the private economy, carry out work on a regular basis to optimize the online environment for business, and refute remarks that deliberately hype, spread rumors, and smear private enterprises and private entrepreneurs. Promote the healthy growth of people in the private economy. Continue to strengthen the party building work of private enterprises, and enhance the political leadership ability of party organizations in the development of enterprises. Cultivate and promote the entrepreneurial spirit, implement the high-quality growth promotion plan for the young generation of private economic personnel, do a good job in the cultivation and empowerment training courses of private economic personnel in the new era, strengthen the construction of the talent training system for small and medium-sized enterprises, and support more representatives of the private economy to participate in international economic activities and multilateral industrial and commercial cooperation mechanisms. Support private enterprises to better fulfill their social responsibilities. Guide private enterprises to actively participate in actions such as "10,000 enterprises rejuvenate 10,000 villages" and "100 cities, 100,000 schools and 10,000 enterprises" to promote employment, focus on promoting private entrepreneurs with outstanding performance in the glorious cause, and encourage private enterprises to participate in social undertakings such as rural revitalization, emergency response, and charitable donations.

Under the strong leadership of the CPC Central Committee with Comrade Xi Jinping as the core, we will deeply understand the decisive significance of the "two establishments", enhance the "four consciousnesses", strengthen the "four self-confidences", and achieve the "two safeguards", unswervingly implement the decisions and arrangements of the Party Central Committee, continue to create a better development environment for the private economy in accordance with the requirements of the Standing Committee of the National People's Congress, and make every effort to promote the development and growth of the private economy. ■