During a group discussion at the country's “two sessions“ in 2023, after listening to Zeng Yuqun, chairman of private firm CATL, the Chinese leading battery maker, Xi expressed his hope that the country's new energy industry would seize opportunities and ride the tide, while ensuring both development and security. Xi also urged the authorities to provide support and guidance for private enterprises during times of difficulty.

　　Founded in 2011 in Ningde, east China's Fujian Province, CATL has quickly risen to become one of the world's leading industry players and its “Shenxing Plus“ battery has drawn worldwide attention for high energy density and fast-charging capabilities.

　　Among key policies to ramp up the growth of the private sector, China set up a bureau under its top economic planner, the National Development and Reform Commission (NDRC), in 2023. The country is also pushing forward the legislative process of its first basic law specifically aimed at promoting the development of the private sector.

　　Under a nurturing policy environment, the private sector has become a prominent part of the country's economy, driving innovation, employment and overall economic growth.

　　Private firms now make up more than 90 percent of the country's total enterprises, with their numbers more than quintupling between 2012 and 2024. Their global presence has also expanded, with the number of Chinese private firms in the Fortune Global 500 list rising to around 30.

　　Yet the sector's development is now at a pivotal moment: Domestically, China is battling headwinds, including insufficient demand to reinforce its economic recovery while fostering innovation-driven development; globally, businesses have to navigate escalating trade tensions, rising protectionism, and the latest wave of technological revolution that is transforming industries, production models and lifestyles.