President's economic thought promotes local development

Private economy

Zhejiang, one of the important birthplaces of China's private economy, is home to more than 9 million market entities, meaning there is one business owner among every seven people based on the permanent resident population.

Vigorously developing the private economy was one of the tasks Xi attached great importance to during his time in Zhejiang.

When he worked in the province, Xi once said: "The biggest advantage of the province is the first-mover advantage of the private economy. I have been thinking about how to leverage this advantage."

He reiterated that the private economy represented the vitality of Zhejiang, that it is necessary to continue to encourage, support and guide development of the non-public economy, and State-owned and private enterprises should be treated equally.

He also led the formulation of a series of policies and measures to promote new development of the private economy.

During his survey in areas of Zhejiang, Xi often paid visits to private companies, taking heed of their difficulties and demands.

In December 2002, he visited major private-economy cities, including Ningbo, Taizhou and Wenzhou. During the trip, Xi highlighted several keywords, including rebuilding advantages, deepening reform and improving the work style.

Xi told Nan Cunhui, CHINT Group's chairman, during his inspection visit to the company: "I am very concerned about the development of the non-public economy. If the company has important issues in the future, you can come directly to Hangzhou and meet me in my office."

In 2003, in response to the requirements of the Zhejiang provincial Party committee and provincial government, the company planned to implement an internationalization strategy to build itself into an advanced electrical appliance manufacturing enterprise.

Xi spent almost two hours in his office patiently listening to Nan's report and giving positive encouragement. Now, recalling the meeting at the time, Nan is still deeply moved.

A slew of policy measures have significantly invigorated private enterprises in the province. In the 2022 list of China's top 500 private companies, Zhejiang had 107 companies listed, ranking first for 24 consecutive years.

More important, the private and State-owned enterprises in Zhejiang have been integrating with each other, complementing each other and developing side by side.