China's private sector put on equal footing

China does not intend to push a privatization as what Margaret Thatcher did in the 1980s, but its pledge to shore up the non-public sector seems clear.

It is highlighted as President Xi Jinping recently vowed to unswervingly encourage, support and guide the country's private sector and create a favorable environment for it.

"It's inspiring and exalting," Chen Zhilie, president of EVOC Intelligent Technology and a political advisor, said at the ongoing annual session of the Chinese People's Political Consultative Conference (CPPCC) National Committee.

Political advisor Nan Cunhui, chairman of Chint Group, a power equipment company, mentioned the anxious sentiment among some private companies having meager profits.

"Now, our previous anxiety has been cleared," Nan said.

Zhao Haiying, chief risk officer of China Investment Corporation, said an ever-expanding private sector will be one of the country's recipes to avoid the middle-income trap, as the sector contributes 60 percent of economy growth and creates more than four-fifths of jobs.

China's supply-side structural reform is changing the way of doing business in China, which is a boon for private investors, Zhao said.

"China's private companies can prosper into globally competitive giants provided you give them enough space and fitting soil," Zhao said.

Sun Yinhuan, chairman of Yida group, also a political advisor, said, "Our private entrepreneurs are able to make profits through product innovation, and making new business models."

However, China is not pursuing a laissez-faire policy. President Xi has vowed the government will help cope with challenges the non-public sector faces resulting from a distorted market system.

China will strive to provide reliable, efficient and convenient funding services to small and medium-sized enterprises, and grant more market access to private capital, Xi said.

The authorities will make continued efforts to cut red-tape and fees in private investment management to reduce corporate burdens, the president said.

Sun Yinhuan said the country's private companies have survived many difficulties since China launched the market-oriented reform about three decades ago, thus are good at finding opportunities.

Many of them see China's Belt and Road Initiative a bonanza for business expansion.

Wang Wenbiao, another political advisor, makes money by afforesting the desert. He sees the vast and desolate wilderness in central Asia a treasure trove, believing the eco-friendly industry is welcomed by all countries.

"I'm sure that China's restructuring will offer a trillion-dollar chance for the non-public sector," Wang said. Endi