China’s top political adviser, Wang Huning, reaffirms support for private economy

China’s No 4 political figure has rallied efforts to strengthen entrepreneurs’ confidence, as the employment-vital private sector braces for a new year of challenges and uncertainties.

At a national meeting on Wednesday, Wang Huning, who is also the top official overseeing so-called united front work, pledged further support for the development of the private economy, which is responsible for more than 60 per cent of the nation’s gross domestic product and employs more than 80 per cent of the urban workforce.

“We must support the healthy development of the non-public sector and entrepreneurs, and also guide private enterprises and entrepreneurs to strengthen confidence, surmount challenges, and propel growth,” he said.

Private businesses, which have long complained about financing difficulties, high funding costs and inequality in market access, were hardest hit by the pandemic and its subsequent economic slowdown.

In addition to policy uncertainties, they are also worried about the fast-changing external environment, as they could be directly affected by US tariffs, sanctions or supply-chain disruptions.