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Since the implementation of China’s reform and opening up， one of the country’s great achievements has been the rapid development of its private economy.
In fact， the private sector is a major facet of a national economy， significantly promoting people’s well-being and encouraging entrepreneurship. The government needs to facilitate the development of the private economy with more support measures.
In the past three decades， the private sector has contributed much to China’s social and economic development. Wang Qinmin， Chairman of the All-China Federation of Industry and Commerce， says that nonstate enterprises harvested profits of 1.82 trillion yuan （$290 billion） in 2012， and registered an average annual growth rate of 21.6 percent in the past five years. Currently， there are 10 million non-state enterprises and 40 million individual businesses in China， contributing to 60 percent of the country’s GDP and 50 percent of tax revenue and creating 80 percent of jobs.
“Small and medium-sized enterprises（SMEs） will make up the bulk of economic growth in the future，” said Fu Jun， Vice Chairman of All-China Federation of Industry and Commerce and President of the Beijing-based Macrolink Group.
Facing bottlenecks
As the private sector experiences rapid development， some restraining factors cannot be ignored， such as financing difficulties， high taxes and an unfair competitive environment. In some sectors， barriers like a “swinging door”—privately owned enterprises （POEs） being forced out， and a “glass door”—access restrictions on POEs， keep emerging.
Financing difficulties—believed to be the largest obstacle to the development of the private sector—have been present for years.
Nan Cunhui， President of the Zhejiangbased CHINT Group， a leading industrial electrical equipment producer， suggested that the government accelerate reforms to the financial system， admit various economic bodies to participate in financial market competition and encourage market-oriented allocation of financial resources.
Moreover， he expressed support for setting up funds for private equity and capital turnover， and directing private capital into the real economy by issuing collective bonds.
Liu Yonghao， President of the Sichuanbased New Hope Group， argued that though regulations currently exist to spur the development of the private sector， many SMEs and micro-sized businesses continue to struggle. He suggested banks be required to allocate a certain share of loans to POEs. Wang Zaixing， President of the Hong Kongbased Howard Group， said the government should remove barriers and interceptions in the implementation of policies and enforce inspection and supervision to ensure SMEs can enjoy policy support equally.
The government should also adopt differentiated financing policies， he said. That is to say， lending requirements should be different for enterprises of different development stages. The proportion of lending to SMEs should be increased.
A financial support system should be put in place to foster independent innovation of SMEs and micro-sized enterprises and a fair competition environment is indispensable to boosting investment in SMEs and micro-sized enterprises， he added.
In addition， administrative and market monopolies should be broken down and market access should be relaxed to attract private investment， according to Wang.
Chen Fang， Chairman of Sichuan Federation of Industry and Commerce， suggested strengthening legal protections for the private economy.
“Priority should be given to improving the legal environment， and making sure that POEs can compete on an equal basis，” he said.
Investing overseas
Liu Yahuang， Vice Chairman of Chongqing Federation of Industry and Commerce， believes that in the post financial crisis era， many countries were in urgent need of foreign investment， and a new investment boom will take place in many regions.
“Compared to state-owned enterprises（SOEs）， investment by POEs is more favored by other countries，” said Chen Jingwei， Vice Chairman of All-China Federation of Industry and Commerce and Chairman of Hong Kong China Chamber of Commerce.
“Actually， foreign countries are cautious toward investment from Chinese companies， primarily SOEs， for they are deemed to challenge the interests of other countries by acting on behalf of their own country.”
How can POEs go global？ They are always prudent when it comes to foreign investment， said Chen， because they have to undertake all the risks. One failure and they could lose their shirts. On the other hand， they were restrained by financing difficulties. In stark contrast， SOEs have more opportunities because they are backed by the government.
“In recent years， POEs have done much on this front. By January 2013， non-financial overseas investment had reached $439.5 billion， of which， POEs accounted for 40 percent，” said Wang Chao， Vice Minister Commerce. To better support POEs to go overseas， Wang believed efforts should be made in the following aspects. First， the government should reduce investment barriers and improve the administration of overseas investment. Second， the coverage of special fiscal funds should be expanded and preferential policies diversified. Third， financing insurance should be improved and renminbi settlement of foreign direct investment should be facilitated. Fourth， collaboration platforms need to be set up to provide project match-making and information services for POEs and SOEs.
Seeking innovation
In addition to high production costs， weak innovation， a shortage of talented professionals and the drawbacks of family-run management， POEs are also confronted with an array of inherent problems. To realize brand upgrading and industrial transformation， POEs should selfreflect， emancipate their minds and intensify innovation.
“Many products and industries have matured， innovation is the most efficient way to win market share，” said Liu. POEs should undergo restructuring， technological innovation and industrial upgrading.
“Putting aside government support， POEs should foster the ability to innovate. Only by elevating its credibility， can a POE gain greater access to finance，” said Li Shufu， President of the Zhejiang-based carmaker Geely Group， which completed a takeover of Swedish car brand Volvo in 2010.
“In this year’s government work report， transformation of the country’s economic development model， and the development of the private sector and strategic emerging industries were all mentioned. If it is hard to restructure the existing system， we should try to combine the development of POEs with strategic emerging industries， in order to complete changes in economic development model，” said Wang Yusuo， Board Chairman of ENN Group， a Hebeibased clean energy solution provider.
“POEs always take a lead in strategic emerging industries， such as e-commerce， new energy and culture. I believe the way out is to combine the development of POEs with strategic emerging industries.”
In fact， the private sector is a major facet of a national economy， significantly promoting people’s well-being and encouraging entrepreneurship. The government needs to facilitate the development of the private economy with more support measures.
In the past three decades， the private sector has contributed much to China’s social and economic development. Wang Qinmin， Chairman of the All-China Federation of Industry and Commerce， says that nonstate enterprises harvested profits of 1.82 trillion yuan （$290 billion） in 2012， and registered an average annual growth rate of 21.6 percent in the past five years. Currently， there are 10 million non-state enterprises and 40 million individual businesses in China， contributing to 60 percent of the country’s GDP and 50 percent of tax revenue and creating 80 percent of jobs.
“Small and medium-sized enterprises（SMEs） will make up the bulk of economic growth in the future，” said Fu Jun， Vice Chairman of All-China Federation of Industry and Commerce and President of the Beijing-based Macrolink Group.
Facing bottlenecks
As the private sector experiences rapid development， some restraining factors cannot be ignored， such as financing difficulties， high taxes and an unfair competitive environment. In some sectors， barriers like a “swinging door”—privately owned enterprises （POEs） being forced out， and a “glass door”—access restrictions on POEs， keep emerging.
Financing difficulties—believed to be the largest obstacle to the development of the private sector—have been present for years.
Nan Cunhui， President of the Zhejiangbased CHINT Group， a leading industrial electrical equipment producer， suggested that the government accelerate reforms to the financial system， admit various economic bodies to participate in financial market competition and encourage market-oriented allocation of financial resources.
Moreover， he expressed support for setting up funds for private equity and capital turnover， and directing private capital into the real economy by issuing collective bonds.
Liu Yonghao， President of the Sichuanbased New Hope Group， argued that though regulations currently exist to spur the development of the private sector， many SMEs and micro-sized businesses continue to struggle. He suggested banks be required to allocate a certain share of loans to POEs. Wang Zaixing， President of the Hong Kongbased Howard Group， said the government should remove barriers and interceptions in the implementation of policies and enforce inspection and supervision to ensure SMEs can enjoy policy support equally.
The government should also adopt differentiated financing policies， he said. That is to say， lending requirements should be different for enterprises of different development stages. The proportion of lending to SMEs should be increased.
A financial support system should be put in place to foster independent innovation of SMEs and micro-sized enterprises and a fair competition environment is indispensable to boosting investment in SMEs and micro-sized enterprises， he added.
In addition， administrative and market monopolies should be broken down and market access should be relaxed to attract private investment， according to Wang.
Chen Fang， Chairman of Sichuan Federation of Industry and Commerce， suggested strengthening legal protections for the private economy.
“Priority should be given to improving the legal environment， and making sure that POEs can compete on an equal basis，” he said.
Investing overseas
Liu Yahuang， Vice Chairman of Chongqing Federation of Industry and Commerce， believes that in the post financial crisis era， many countries were in urgent need of foreign investment， and a new investment boom will take place in many regions.
“Compared to state-owned enterprises（SOEs）， investment by POEs is more favored by other countries，” said Chen Jingwei， Vice Chairman of All-China Federation of Industry and Commerce and Chairman of Hong Kong China Chamber of Commerce.
“Actually， foreign countries are cautious toward investment from Chinese companies， primarily SOEs， for they are deemed to challenge the interests of other countries by acting on behalf of their own country.”
How can POEs go global？ They are always prudent when it comes to foreign investment， said Chen， because they have to undertake all the risks. One failure and they could lose their shirts. On the other hand， they were restrained by financing difficulties. In stark contrast， SOEs have more opportunities because they are backed by the government.
“In recent years， POEs have done much on this front. By January 2013， non-financial overseas investment had reached $439.5 billion， of which， POEs accounted for 40 percent，” said Wang Chao， Vice Minister Commerce. To better support POEs to go overseas， Wang believed efforts should be made in the following aspects. First， the government should reduce investment barriers and improve the administration of overseas investment. Second， the coverage of special fiscal funds should be expanded and preferential policies diversified. Third， financing insurance should be improved and renminbi settlement of foreign direct investment should be facilitated. Fourth， collaboration platforms need to be set up to provide project match-making and information services for POEs and SOEs.
Seeking innovation
In addition to high production costs， weak innovation， a shortage of talented professionals and the drawbacks of family-run management， POEs are also confronted with an array of inherent problems. To realize brand upgrading and industrial transformation， POEs should selfreflect， emancipate their minds and intensify innovation.
“Many products and industries have matured， innovation is the most efficient way to win market share，” said Liu. POEs should undergo restructuring， technological innovation and industrial upgrading.
“Putting aside government support， POEs should foster the ability to innovate. Only by elevating its credibility， can a POE gain greater access to finance，” said Li Shufu， President of the Zhejiang-based carmaker Geely Group， which completed a takeover of Swedish car brand Volvo in 2010.
“In this year’s government work report， transformation of the country’s economic development model， and the development of the private sector and strategic emerging industries were all mentioned. If it is hard to restructure the existing system， we should try to combine the development of POEs with strategic emerging industries， in order to complete changes in economic development model，” said Wang Yusuo， Board Chairman of ENN Group， a Hebeibased clean energy solution provider.
“POEs always take a lead in strategic emerging industries， such as e-commerce， new energy and culture. I believe the way out is to combine the development of POEs with strategic emerging industries.”