General Secretary Xi’s Speech Has 5 New Elements: Wang Jianlin

General Secretary Xi Jinping’s speech at the Symposium on Private Enterprises views things from a strategically advantageous position with detoxifying effects. It is encouraging and is one of the most important speeches on the development of private enterprises during the 40 years since reform and opening-up. It is of great practical significance and will certainly have a positive and profound historical impact. My deepest understandings are the "Five News”:

1. New Positioning

In his speech, General Secretary Xi Jinping stated that "private enterprises and private entrepreneurs are our own people". This is a new position for private enterprises and private entrepreneurs in the new era. It is very vivid, suitable and heart-warming. In the past, some people in the society were biased against private enterprises and private entrepreneurs who were “colored people” in the Chinese economy. The new position sets the mind of private sector at ease.

2. New Thought 

General Secretary Xi Jinping stated in the speech that “our country’s private economy can only grow bigger and cannot be weakened." In the past, there has always been this persistent mistaken idea that only state-owned enterprises can grow big and private enterprises would have risks when they become big. Some large private enterprises and private entrepreneurs have always had such worries and concerns. This speech allows them to put down things that weigh on their mind and march forward with light packs. 

3, New Hope

The difficulty in securing financing for private enterprises has been a long-standing problem. The General Secretary said that “banks' performance appraisal should be linked to their support for the development of the private economy and problems of not willing and not dare to lend (to the private sector) must be solved.” This gives private enterprises, especially small, medium and micro private enterprises new hope in solving financing difficulties. The implementation of General Secretary's instructions will lead to further increase in contribution to the country by private enterprises.

4. New Insurance

In his speech, General Secretary Xi Jinping said “some private enterprises had some irregular behaviors in the past. Problems should be looked at with an evolving view,” and "protecting personal and property safety of entrepreneurs", which is equivalent to giving private enterprises and entrepreneurs a new insurance policy. This insurance policy is particularly meaningful for small, medium and micro enterprises. Large-scale private enterprises are relatively well managed.  Small and medium-sized enterprises may be under greater pressure for survival because they may not be able to meet all the requirements. The speech allows them to let go of their concerns and develop their businesses with peace of mind.

5. New Solution

In his speech, General Secretary Xi Jinping pointed out new directions and new solutions for the development of private enterprises and private entrepreneurs. There are many favorable conditions in the Chinese economy. Private enterprises and private entrepreneurs should face “the domestic market with more than 1.3 billion people", to meet “the huge demand for consumption upgrades", “getting on a broader stage", and integrating into the "Belt and Road Initiative”. "Private enterprises should also expand their international horizon, enhance their ability to innovate and boost core competitiveness, and form more world-class enterprises with global competitiveness."