China’s senior authorities promised consistent support for the fast-growing private sector, which has been instrumental in the creation of new jobs, the promotion of technical advancements, and the stabilisation of economic growth, in order to help the economy recover from COVID-19.
Equal treatment of private enterprises was demanded during the Central Economic Work Conference, which was convened in mid-December with the aim of establishing the country’s economic priorities for 2023. It was also emphasised that private companies’ property rights should be protected by legislation.
A major push was made for the market conference the next year, and additional private capital investment was urged to take part in the development of important national projects. At the conference, there were great expectations for the economy’s overall improvement.
Despite the difficulties caused by COVID-19, the private economy continues to grow rapidly. The number of Chinese private enterprises expanded from 35.2 million to 47.0 million between January 2020 and August 2022. They made up 92.1% of all businesses in 2021.

Source: Prnewswire