DeepSeek amazed the world

Robotic dancers were stunning at the Spring Festival Gala

The animated film Ne Zha shattered box office records

……

Since last year

China's private economy has yielded impressive results

shocking the world.

From a symposium on private enterprises to the Two Sessions

"Private Economy" has become

a high-frequency buzzword at the beginning of 2025.

Entering a new era

the development of private enterprises has ushered in a new spring

On February 17, 2025

General Secretary Xi Jinping attended a symposium on private enterprises

and delivered an important speech, emphasizing that

"In the new era and on the new journey

the private economy has broad prospects and great potential

It is the right time for the vast number of private enterprises and entrepreneurs

to demonstrate their abilities"

This year's Two Sessions

General Secretary Xi Jinping, during his participation in the deliberation of the Jiangsu delegation

at the third session of the 14th National People's Congress

stressed that

"We must fully implement the spirit of the Symposium on Private Enterprises

treat enterprises of all ownership types equally

and continuously optimize the business environment"

This is not only a full affirmation

but also a sincere expectation

which points out the direction for the development of the private economy

and injects strong confidence and momentum

The Report on the Work of the Government this year takes

"Solidly implementing

policy measures to promote the development of the private economy"

as its core tone

against the backdrop of a complex and volatile economic environment both domestically and internationally

high-quality development strategic path

against the backdrop of a complex and volatile economic environment both domestically and internationally

China is accelerating the construction of a

new development pattern for the private economy, characterized by

"legal protection, market-oriented empowerment, and globalized competition"

In this edition of "Focusing on Buzzwords from the Two Sessions"

interprets the "Private Economy" for you

Private economy

underpins a significant portion of China's economic output

As the world's second-largest economy

China contributes approximately 30% annually to global economic growth

making it a primary driver of worldwide economic expansion

It is worth mentioning that

the high-quality development of the private economy

plays an indispensable role

in ensuring the stable growth of both the Chinese and global economies

As of the end of January this year

the number of registered private enterprises nationwide exceeded 56.7 million

representing a 5.2-fold increase compared to that in 2012

The number of private enterprises among national high-tech enterprises

has grown from 28,000 in 2012

to over 420,000 nowadays

with their proportion increasing from 62.4% to over 92%

5G intelligent manufacturing workshop of TW Solar

Over the past 40 years

private enterprises have not only benefited from reform and opening up

but have also been key participants and promoters of reform and opening up

The private sector makes "56789" contributions to the national economy:

over 50% of tax revenue, over 60% of GDP

over 70% of technological innovation achievements

over 80% of urban employment

and 90% of the total number of business entities

In recent years

China's private economy has demonstrated robust growth momentum

with increasing vitality and driving force

On March 6

at the third session of the 14th National People's Congress

the data released at the economic-themed press conference showed that

the export value of China's private economy

accounted for 64.7% of total exports in 2024

an increase of 1.4 percentage points

Private investment

in manufacturing and infrastructure increased year-on-year

by 10.8% and 5.8%, respectively

significantly exceeding the average investment growth rate

Tongwei’s THC module sets new heterojunction module efficiency record for the 10th time

Private enterprises

are full of vitality of innovation and creation

In terms of technological innovation

the private economy also holds a crucial position

In 2024, the research and development expenditure of the top 1,000 private enterprises

accounted for over 40% of the national total

The proportion of high-tech products in imports and exports is nearly 50%

and the proportion of outward direct investment exceeds 60%

In the rankings of the top 100 software and artificial intelligence companies

private enterprises account for over 70% and 80% respectively

Among SRDI SMEs and national high-tech enterprises

the proportion of private enterprises exceeds 90%

This data underscores the pivotal role of the private sector

in China's modernization

and its significant potential in the new era

The PV industry stands out as one of the few domestic sectors primarily driven by private enterprises

which holds a significant global influence

Historically, Chinese PV companies faced challenges with heavy reliance on overseas raw materials, market, and equipment

Today

the Chinese PV industry has weathered market fluctuations

and emerged as a global leader

Tongwei's intelligent manufacturing production line of high-efficiency modules

Currently

China's PV industry occupies

over 85% of the global market share

The production capacity of high-purity crystalline silicon and silicon wafers

accounts for over 95% of the global total

with cells exceeding 90%

and modules over 85%

By the end of 2024

China's new PV installations have led the world for 12 consecutive years

and cumulative installations have ranked first globally for 10 consecutive years

Throughout this evolution

Chinese PV enterprises, represented by Tongwei

have demonstrated relentless efforts and continuous innovation

driving the expansion of the industrial scale

and technological advancements

This has propelled China's PV sector

from a position of catching up to one of parallel development

to a place of surpassing PV powerhouses

in Europe, America, Japan, and South Korea ultimately

thereby becoming the world's leading PV nation

For years

Tongwei has aligned with the national "dual carbon" strategy

prioritizing technological innovation in its corporate development

The company has consistently enhanced its R&D capabilities and improved production cost-effectiveness

establishing itself as the global "double champion" in silicon materials and cells

Tongwei stands at the forefront of the global new energy industry

as a core player and main driving force in the world

Yongxiang New Energy Green Plant

Fostering entrepreneurial spirit and

bolstering confidence in development

The issue of promoting high-quality development of the private economy

was addressed as early as the Two Sessions in 2017

Liu Hanyuan, Deputy to the NPC, Vice Chairman of the All-China Federation of Industry and Commerce

and Chairman of the Board of Directors of Tongwei Group

proposed in his suggestion Let Respect and Promote Entrepreneurial Spirit Become a Social Consensus

that

since the reform and opening up

numerous outstanding Chinese entrepreneurs

with ideals and aspirations have emerged

Their dedication

to their careers

their management of enterprises

and their tireless pursuit

of excellence

have driven the wheels of China's economy forward

Such spirit has enabled China

to achieve its current status as an economic powerhouse and a major manufacturing nation

leading to the current prosperity of both the people and the nation

Therefore

the positive value and significance of entrepreneurs and their spirit

as well as the driving force

the traction effort, and the exemplary role they bring to society

should never be underestimated

They should always be respected, revered

promoted, and protected

In 2018, General Secretary Xi Jinping chaired a symposium on private enterprises

Seizing the opportunity and boldly developing

During this year's Two Sessions

Chairman Liu Hanyuan stated in a media interview that

he was honored to participate in the first symposium on private enterprises

on November 1, 2018

and delivered a speech as a representative

The recent symposium on private enterprises

has once again strengthened everyone's confidence in the development

and reiterated to society

Private economy, private enterprises

of the private economy and private enterprises

in economic and social development

The private economy in the new era has more opportunities

and is more timely

and should be developed with greater boldness and vigor

As Mr. Liu Hanyuan said

this process

necessitates both the vigorous efforts of private enterprises

and the creation of

a favorable public opinion environment

It is crucial to accurately understand that

various forms of ownership

are essential and important components of China's

past, present, and future high-quality development

The effectiveness of the system and mechanism coupled with the high efficiency of enterprise operations

are vital for maintaining the international competitiveness

of Chinese industries, products, and capital

thereby genuinely supporting the sustained positive trajectory of the domestic economy

Tongwei's "Integration of Fishery and PV" Base

The new era has bestowed upon the private economy a new historical mission

providing ample space and a stage for its development

With the continuous policy-derived benefits

and the ongoing optimization of the market environment

China's private economy is

advancing resolutely on the path of high-quality development

with tenacity and pragmatism

injecting robust momentum into China's economic prosperity