Stories of High-Quality Development | Li Zhaoqian: Challenges faced by the private economy are surmountable

"While China's private economy currently faces a number of challenges and difficulties, it still holds vast potential for growth and many opportunities for development," said Li Zhaoqian, president of the China Society for the Study of the Private-Sector Economy, at People's Daily's "Stories of High-Quality Development" video series.

The difficulties faced today include ​​cyclical issues driven by economic laws​​, ​​external pressures from major-country competition​​, ​​transformation demands from shifting consumer needs​​, ​​operational risks due to management shortcomings​​, and ​​imperfections in the market economy system​​, among others, he said.

According to Li, to overcome these challenges, it is important for enterprises to unswervingly pursue high-quality development, continuously improve management standards, focus on core business, strengthen the real economy, boost tech-driven entrepreneurship and industrial innovation, and intensify efforts to tackle key core technologies and continuously enhance quality, efficiency and core competitiveness. It is crucial to uphold integrity and comply with the law in business operations, and establish correct values and ethical principles. Further efforts are needed to cultivate a cordial and clean relationship between government and business.

From an external perspective, efforts must be made to ensure the effective implementation of policies and measures for promoting the private sector's development. Key concerns of private enterprises must be addressed by ​​enhancing policy precision and aligning measures with macroeconomic goals. It is important to improve the coordination across economic policies, non-economic policies​​, and policies introduced by different departments, and ensure ​​policy stability, continuity, and predictability​​, Li noted.