Paving the Way for a New Era of Private Sector Economic Growth — President Xi Jinping’s Speech at the Private Enterprise Symposium Sparks Enthusiastic Response
In recent days, President Xi Jinping’s important speech at the Private Enterprise Symposium has generated a lively response from all sectors of society. People across the nation have expressed their belief that the President’s speech vividly reflects the Party’s deep concern for and high hopes regarding the development of the private economy. His words have greatly invigorated the spirit, bolstered confidence in growth, and encouraged the determination to forge a new chapter in the private sector’s development.
During the symposium, President Xi affirmed that the Party and the nation are unwavering in their commitment to solidifying and improving the socialist economic system. They will steadfastly consolidate and develop public ownership while vigorously encouraging, supporting, and guiding the growth of the non-public economy. The government guarantees that all forms of ownership have equal access to production factors, fair competition in the market, and equal protection under the law. His remarks have left many feeling inspired and driven, providing clear direction for the healthy development of the private economy.
President Xi stressed that the key focus in promoting the private economy lies in solidly implementing policies that foster its growth. What has been decreed by the Central Committee must be fully carried out without compromise.
The President also emphasized that enterprises are the primary drivers of economic activity and that their internal vitality is of paramount importance. Private entrepreneurs must be fueled by passion for both their business and their country, continuously elevate their ideals, deepen their national commitment, and maintain a mindset of giving back as they prosper. Entrepreneurs should focus on strengthening and scaling up their enterprises, steadfastly contributing to the construction of socialism with Chinese characteristics and promoting China’s modernization.
Multiple Departments to Roll Out Measures to Boost Private Economy Development
According to various sources, multiple measures will be introduced this year to promote the high-quality development of the private economy.
The National Development and Reform Commission recently announced that it will further reduce market access barriers for private enterprises, continue to open up competitive sectors of infrastructure to private businesses, and support private enterprises’ active participation in the “two new” (new technologies and new business models). Efforts will also focus on addressing the issue of overdue payments to private businesses and combating financing difficulties. Furthermore, the legal process for promoting the Private Economy Promotion Law will be advanced to prevent illegal cross-regional enforcement and profit-driven regulation.
The Ministry of Industry and Information Technology revealed that it will roll out more inclusive and targeted policies, enhance the cultivation system for quality enterprises, and support small and medium-sized private enterprises in becoming stronger and more competitive. By 2026, the government aims to support more than 5,000 “specialized, refined, distinctive, and innovative” small giants.
The Financial Supervisory Authority emphasized increasing support for the first-time loans, renewals, and credit loans of private small and micro enterprises. A more precise connection platform between banks and enterprises will be created to improve the financing satisfaction of private businesses and strengthen comprehensive financial services for them.
The General Administration of Market Supervision will continue implementing reforms to simplify business registration and improve services throughout the entire lifecycle of businesses. It will also strengthen fair competition reviews, tackle issues related to hidden barriers in local governance, and address the widespread problem of arbitrary business fees, thereby ensuring a more favorable environment for private enterprises to flourish.
Rural Revitalization as a Path to Prosperity: From Poverty Alleviation to Sustainable Growth
At the end of 2020, China successfully achieved its goal of eradicating poverty, lifting 98.99 million rural residents out of poverty, and removing 832 impoverished counties from the poverty list. Now, those who have overcome poverty are striving towards rural revitalization, working hard to build more livable, business-friendly villages.
Today’s series on Rural Revitalization: The Rise of New Prosperity in Former Poverty-stricken Villages showcases how characteristic industries have paved the way to wealth.
In Hebei Province’s Fuping County, Luotuowan Village has transformed from a poor, underdeveloped area to a prosperous one, with vast mushroom greenhouses spanning the hillsides. Over 70 kilometers away, the mushrooms are harvested, packaged, and sent to markets in Beijing and beyond. This transformation was possible thanks to collaboration with neighboring villages, marking a path to shared prosperity.
Luotuowan Village was once a national-level poverty-stricken area. In 2012, President Xi visited, chatting with locals and hearing their concerns. His visit led to a nationwide effort to combat poverty, and with strong support from both central and local governments, the village developed an edible fungi industry. By 2017, it had achieved poverty alleviation, and by 2024, average annual incomes will exceed 26,000 yuan—over 20 times higher than in the past 12 years.
Innovation in Private Enterprises: A Story of Technological Breakthroughs
In today’s Representative and Committee Member Stories, we meet Sun Dongming, a researcher at the Chinese Academy of Sciences, who has tirelessly focused on technological innovation.
Since becoming a National People’s Congress representative in 2018, Sun has proposed multiple recommendations to enhance science and technology policies, including breaking the “last mile” of the innovation industry chain and establishing national-level major innovation platforms. In his research, Sun’s team made breakthroughs in semiconductor thermoelectric cooling technology, and he acknowledges the critical role of government funding in supporting these advances. He has conducted extensive research on private tech enterprises, understanding how they can make better use of government funds to fuel innovation.
China’s Progress on Instant Medical Insurance Fund Settlements
The National Medical Insurance Bureau has announced that this year, China will implement reforms to achieve instant settlement of medical insurance funds, speeding up the cash flow for medical institutions and pharmaceutical companies. In the past, settlements often took 40 to 60 days, but now, around 80% of regions in the country will realize instant settlement for designated medical institutions.
Archaeological Discoveries in China: Unveiling Ancient Mysteries
The Chinese Academy of Social Sciences has recently revealed six major archaeological discoveries for 2024, including the discovery of early stone tools in the Changbai Mountain region and the unearthing of a large “enclosure moat” at the Shiwa site in Gansu, shedding light on the early forms of China’s square “city walls.”
The Global Success of Ne Zha at the Box Office
As of February 18, the animated film Ne Zha has broken records, surpassing 12.3 billion yuan at the global box office, topping the charts for animated films worldwide. The film, which has resonated with audiences both at home and abroad, continues to receive acclaim in countries like the U.S. and Australia.
2025.2.19 Domestic News Briefs
Release of the “Key Areas for Agricultural Science and Technology Innovation (2024-2028)”
The Ministry of Agriculture and Rural Affairs recently unveiled the “Key Areas for Agricultural Science and Technology Innovation (2024-2028).” The plan focuses on ten critical domains, including the cultivation of new crop varieties, soil quality improvement, and agricultural machinery development. The goal is to lay a solid foundation in three years, achieve significant breakthroughs in five, and provide robust technological support to build a powerful agricultural nation within a decade, all through strategic project deployments and collaborative efforts.
January Sees a 12.1% Year-On-Year Growth in Railway Passenger Traffic
The latest data from the National Railway Administration reveals a 12.1% increase in the number of railway passengers in January, driven by the demand for travel during the Spring Festival. A staggering 369 million passengers were served, with high-speed trains accounting for 74.6% of the total, reflecting a robust recovery in both short-distance and long-haul travel.
Urban Housing Market Prices Continue to Stabilize
The National Bureau of Statistics released data today on the sales price changes of commercial housing across 70 major cities in January. The report shows a continued upward trend in housing prices in first-tier cities, while second-tier cities saw a slight price increase of 0.1% compared to the previous month, signaling a gradual stabilization in the real estate market.
Rural Logistics and Delivery Stations Reaching New Heights
The latest figures from the State Postal Administration indicate that since the start of the Spring Festival, the volume of express parcels has surged, with over 15.5 billion packages collected and 15.9 billion delivered. In rural areas, more than 346,000 village-level logistics service stations have been established, with over 70% of villages receiving deliveries five times a week or more. This is a clear testament to the expanding reach and efficiency of China’s logistics network.
2025 National College Entrance Examination to Begin on June 7
The Ministry of Education has announced that the 2025 National College Entrance Examination (Gaokao) will begin on June 7. To ensure fairness and integrity, strict measures will be in place to prevent exam cheating. The Ministry is also working to optimize subject offerings and enrollment plans, and continue the reform of the Gaokao system to maintain a fair and transparent admissions process.
China’s Ministry of Finance Successfully Issues 12.5 Billion RMB of Sovereign Debt in Hong Kong
In a move to bolster international confidence, China’s Ministry of Finance has successfully issued its first tranche of 2025 sovereign debt worth 12.5 billion RMB in Hong Kong. The bonds, with a subscription rate of 2.86 times, include a 10 billion RMB, 30-year Hong Kong RMB bond. This issuance helps fill a gap in offshore long-term sovereign debt offerings and enhances the attractiveness of China’s offshore RMB debt market.
Xiaolangdi Reservoir Increases Flow to Support Spring Irrigation in the Yellow River Basin
The Ministry of Water Resources has announced an increase in the outflow from the Xiaolangdi Reservoir to 1,000 cubic meters per second starting today. This adjustment aims to ensure sufficient water supply for spring irrigation in Henan and Shandong provinces during the crucial growth period of winter wheat, helping to secure the agricultural productivity of the region.
Hainan Rolls Out New Batch of Free Trade Port Institutional Innovation Cases
On February 19, Hainan introduced a new set of six cases showcasing integrated innovations in its Free Trade Port system. These include the expansion of tax-exempt processing and sales trials and a “credit + smart” port service model, all designed to reduce operational costs and enhance port efficiency, promoting a more conducive business environment.
Tibet’s Foreign Trade Surpasses 10 Billion RMB for Two Consecutive Years
Lhasa Customs reported that in 2024, Tibet’s foreign trade value reached 12.67 billion RMB, marking a 15.4% increase year-on-year. This is the second consecutive year that Tibet has surpassed the 10 billion RMB milestone, a testament to the region’s growing trade ties, now spanning 140 countries and regions worldwide.
Jiangsu Leads in National Power Market Transactions, Green Energy Sales Soar 143%
Jiangsu Province has become the leader in national power market transactions, with over 4.7 trillion kilowatt-hours transacted in 2024. Green energy trading reached a new high, with 12.657 billion kilowatt-hours traded—an impressive 143% year-on-year growth. This surge in green energy is equivalent to reducing 3.885 million tons of coal consumption and cutting 9.685 million tons of carbon dioxide emissions.
Wuyishan National Park Completes Extensive Biological Survey, Discovers 34 New Species
After more than three years of research, Wuyishan National Park has completed a comprehensive biological resource survey, identifying 34 new species across various categories, including plants, aquatic insects, and fungi. This investigation also added 10 species to China’s national biodiversity records, offering valuable insights into the park’s ecological significance.
Cold Front Causes Extended Rainfall in Southern China
The Central Meteorological Observatory predicts a drop in temperatures across much of the country this week, with southern China continuing to experience extended periods of rainfall. In some regions, the cumulative precipitation may exceed 100 millimeters. Authorities urge the public to be cautious of the weather’s impact on transportation and daily life.
China’s State Media Unveils 2025 Agricultural Programs
The Central Broadcasting and Television Station (CBTV) today announced a slate of 21 innovative agricultural and rural programs, themed “Rural Revitalization Together.” Among them are series like “China in the Villages” and “Beautiful Courtyards and Good Lives,” aimed at showcasing China’s progress in rural revitalization and the construction of a strong agricultural nation.
China Hosts UN Security Council High-Level Meeting on Multilateralism and Global Governance Reform
On February 18, China, as the rotating president of the UN Security Council, hosted a high-level meeting on “Practicing Multilateralism and Reforming Global Governance.” The meeting emphasized the importance of a UN-centered international system and stressed that no nation can go it alone in the face of global challenges. The call for a more just and balanced global governance system resonated strongly, urging nations, particularly in the Global South, to take the lead in shaping a more equitable world order.
International News Briefs – February 19, 2025
U.S. and Russian Delegations Conclude Bilateral Talks in Saudi Arabia
On the 18th, diplomatic talks were held between U.S. and Russian representatives in Saudi Arabia. Following the discussions, Russian Foreign Minister Sergey Lavrov announced that both nations had agreed to “settle once and for all” the operational issues concerning their diplomatic missions, ensuring swift appointments of ambassadors to each other’s countries. The two sides also expressed a willingness to resume discussions on geopolitical matters and work to remove economic cooperation barriers. Lavrov emphasized, however, that mutual understanding on certain issues did not equate to a full reconciliation of positions. He further stated that both countries had agreed to initiate negotiations on the Ukraine crisis in the near future. Russian Presidential Aide Yuri Ushakov confirmed that a special group would be established to discuss the details of the Ukraine issue.
The U.S. State Department issued a statement outlining four key points of agreement, including the establishment of a consultation mechanism to normalize the operations of the two nations’ diplomatic missions, efforts to bring the Ukraine conflict to a close in a sustainable and widely acceptable manner, and a foundation for future cooperation on geopolitical and economic issues.
Ukrainian President Stresses the Importance of EU Participation in Peace Talks
Ukrainian President Volodymyr Zelensky on the 18th emphasized that any peace negotiations aimed at ending the conflict should not proceed without Ukraine’s involvement. He asserted that Ukraine, the European Union, and other relevant parties must be part of the discussions. German Chancellor Olaf Scholz echoed this sentiment, stating that no decisions regarding Ukraine could be made without its direct participation. Furthermore, French President Emmanuel Macron announced plans for an urgent meeting with European countries and Canada on February 19 to address the Ukraine situation, adding that he was ready to engage in direct talks with Russian President Vladimir Putin.
Russia Claims Ukrainian Strike Causes Major Decline in Caspian Pipeline’s Oil Flow; Ukraine Hits Russian Oil Facilities
On February 17, the Caspian Pipeline Consortium’s oil pumping station in Russia’s southern region of Krupotkinskaya was attacked by seven drones, carrying both explosives and metal fragments. Russian officials reported that this attack caused a 30-40% reduction in the pipeline’s oil flow, with repairs expected to take months. Dmitry Medvedev, Deputy Chairman of Russia’s Security Council, noted that U.S. companies were responsible for over 40% of the pipeline’s oil volume and that the strike targeted American assets. In response, Ukraine’s Armed Forces General Staff confirmed the use of drones to target Russian oil facilities supporting military operations, vowing to continue strikes on Russian “strategic facilities.”
Israel to Launch Second Phase of Gaza Ceasefire Talks
Israeli Foreign Minister Eli Cohen announced on the 18th that Israel would initiate the second phase of ceasefire negotiations for the Gaza Strip this week, focusing on continuing the exchange of detained individuals between Israel and Hamas. Senior Hamas officials confirmed they were prepared to engage in these talks immediately, and Hamas also pledged to release six more Israeli detainees by February 22.
UK Inflation Hits 10-Month High in January
According to data released by the UK’s Office for National Statistics on February 19, the country’s Consumer Price Index (CPI) rose 3.0% year-on-year in January, marking a 10-month high, driven by rising energy prices and other factors. The Bank of England had previously warned that inflationary pressures would persist, with the CPI expected to reach 3.7% by the third quarter of this year.
Massive Warehouse Fire in Pennsylvania Forces Widespread Evacuations
A major fire broke out in a warehouse in Montgomery County, Pennsylvania, on February 17, causing explosions and spreading thick smoke. As of the evening of February 18, the fire had not been fully contained, and nearby residents were evacuated. Schools and businesses in the area were also temporarily closed. Local authorities are investigating the cause of the fire. Reports indicate that the warehouse belongs to an aerospace manufacturer specializing in precision components, with the U.S. military among its clients. The state is actively monitoring air quality to assess any potential public health risks.
Over 150 False Killer Whales Stranded on Australian Beach
Australian officials reported on February 19 that more than 150 false killer whales had become stranded on a beach in Tasmania. While the exact cause remains unclear, rescue efforts are underway. Preliminary investigations suggest that 136 of the stranded whales are still alive. Due to the remote location of the beach, specialized rescue equipment is difficult to access, complicating the rescue operation.