China Business Times has selected its Top 10 News about China's private economy in 2011.

 

1. Provincial governments across the country held conferences on strengthening and improving the work of federations of industry and commerce over the past year as an impetus to implementing the Central Directive No. 16 and boosting the private economy. 

 

2. ACFIC sent four research teams led by its top leaders to 16 provinces, municipalities and autonomous regions to investigate the survival and development problems of China's small and medium-sized enterprises between February and March.

 

3. The country made a big show of recognition of the role models in the private sector. The top leaders of 10 Chinese private enterprises told their stories of growth and success in the Great Hall of the People on December 2 at a telephone and television conference attended by more than 12,000 people. And on November 30, an award ceremony was held in Beijing in recognition of the members of the democratic parties, the cadres of the federations of industry and commerce and non-party-affiliated personages for their contribution to building a well-off society.

 

4. The Chuangxian Zhengyou campaign in non-state-owned economic organizations was roled out across the country. On January 20, a work conference on steering the Chuangxian Zhengyou activity was held in Beijing to lay out the year's tasks. On June 24, the Chuangxian Zhengyou Supervisory Group held a seminar to commemorate the 90th anniversary of the founding of the Chinese Communist Party.

 

5. From April to September, the bosses of 29 small and medium-sized enterprises mostly of the manufacturing sector in Wenzhou of Zhejiang Province fled from the massive debts they incurred by excessive business expansion and heavy financing. 

 

6.  Rounds of shorting campaigns against China concept stocks in the overseas capital markets since March have led to waves of suspensions, delistings, rating downgrades, and index and price dives of Chinese enterprises.

 

7. China has made serious attempts to break the systemic barriers for the development of non-state-owned economy, most notably, with the publication of the 12th Five Year Plan Guidelines which encourages private capital to enter all sectors and fields that are not forbidden by law.

 

8. Micro enterprises have been formally defined, with the approval of the Draft Regulations on Self-employed Small Business People by the State Council Standing Committee meeting on March 30, and the publication of the Regulations on the Definitions of Small and Medium-sized Enterprises on July 4.

 

9. The development of SMEs has won stronger state support. A State Council Standing Committee meeting on October 12 laid out a basket of favorable financial and fiscal policies for SMEs. Premier Wen Jiabao and Vice Premier Zhang Dejiang stressed the importance of promoting SMEs on several other occassions.  

 

10. ACFIC published the lists of Top 500 Chinese Private Enterprises, Manufacturing Enterprises and the Analysis Report on August 25.