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Wang Qinmin: Let China Dream Steer Private Economy

In a live interview with CCTV-2, ACFIC Chairman Wang Qinmin said that the Chinese economicaggregate has quadrupled in a decade thanks to the people"s dreams, confidence and hard work.

In his exchanges with anchor Wang Xiaoya and on-line viewers of an NPC-CPPCC special on the program "Economy in 30 Minutes" on March 12, Wang said that the non-public economy grew very fast in recent years, currently accounting for over 60 percent of the GDP, offering 80 percent of the urban jobs and 90 percent of the new jobs, and contributing to over 60 percent of both tax revenues and urban fixed assets investment. However, private enterprises, especially micro and small firms, are still facing many troubles, such as high threshold, too many barriers, heavy taxation, difficult financing and high corporate hiring costs.

To solve those problems, Wang suggested carrying forward the practices of liberating and unburdening the enterprises, especially in terms of taxation and ratification procedures, to help them to release more vitality.

Each year, the federations of industry and commerce at various levels are invited to attend various democratic consultation meetings, symposiums and briefings, deliver their proposals, suggestions and investigation reports reflecting the social conditions and people"s opinions regarding economic and social development, especially the hot and difficult issues, said the Chairman, adding that many of the suggestions and proposals have been adopted as important references for drafting government and CPC policies and measures.

Wang stressed that private enterprises, being confronted by rising hiring costs, resources and environmental constraints, have to resort to restructuring, upgrading and growth pattern change, primarily through innovation and improved corporate management.

On outboundinvestment by private enterprises, Wang noted the importance of streamlining the government"s overseas merger and acquisition ratification mechanism and offering necessary information and hazard prevention services. He also said that lingering world economic recession and accelerating global industrial readjustment and tranfer have brought good opportunities for the go-global of the Chinese firms.

The Chairman expressed his confidence in the huge potential for the future growth of the non-public economy, saying that the benefits of further reforms will greatly release the growth potential of private enterprises; strategic adjustment of the economic structure will push the enterprises to restructure and upgrade themselves; new urbanization construction will further drive up private investment; and the efforts to secure and improve people"s livelihood will create even greater domestic demand.

Date:2013-3-18 17:41:46