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China's Xi urges private firms to 'be rich and loving'

Agencies (The Jakarta Post)
Beijing
Tue, March 7, 2023

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China's Xi urges private firms to 'be rich and loving'

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hinese President Xi Jinping said on Monday private companies should be "rich and loving" by shouldering responsibility along with state-owned firms to achieve prosperity for all.

Private Chinese and foreign firms have been waiting for Beijing to flesh out details on how it intends to pursue "common prosperity", Xi's signature initiative to narrow China's wealth gap, and how it expects private firms to contribute.

Speaking in a closed-door meeting with government advisers representing the business sector during the annual session of parliament, Xi urged private firms and entrepreneurs to be "patriotic" and participate actively in charity undertakings, state radio reported on Monday as quoted by Reuters.

Xi also said private firms should share the fruits of their growth with employees more equitably, in what he called a "community of shared interests".

"Be rich and responsible, be rich and benefit others, be rich and loving," state radio cited Xi as saying.

He also said China would always treat private firms and entrepreneurs as "family" and promised to remove institutional obstacles that prevent private companies from being able to compete fairly, according to state radio.

Beijing has pledged to support a private sector reeling from a regulatory crackdown in the property, technology and private education industries and recovering from state-imposed COVID-19 restrictions that were lifted in December.

Xi blamed the West for the the difficulties faced by China's economy.

"Led by the United States, the West has implemented all-round containiment to suppress China, bringing unprecedented challenges to China's development," state radio quoted Xi as saying.

 

Manufacturing boost

Xi also vowed to boost the country's manufacturing capacity and not rely on overseas markets, state media reported on Monday, as reported by AFP.

Speaking at the annual gathering of the rubber-stamp parliament in Beijing on Sunday, Xi said China should be able to fend for itself.

"I've always said there are two critical areas for China: one is to safeguard our rice bowl, and the other is to build up a strong manufacturing sector," Xi said, according to the state-run People's Daily.

"As a great nation of 1.4 billion people, we must rely on ourselves," Xi added. "We can't depend on international markets to save us."

The comments, during a meeting with delegates representing China's economically advanced Jiangsu province, belie concerns in Beijing over an increasingly hostile international environment and lagging growth at home.

As China's technology ambitions have been hit with a raft of restrictions by the US and its Western allies, Beijing has doubled down on the need to build a self-reliant industry and shift away from imports for sectors perceived as vital to national security, such as semiconductors and artificial intelligence.

Washington has in recent months tightened sanctions on Chinese chipmakers, citing national security concerns and the ability for the technology to be used by China's military.

The highly choreographed National Party Congress (NPC) kicked off with outgoing Premier Li Keqiang announcing an increase in military spending and modest economic growth.

The 2023 GDP growth goal of "about five percent" fell slightly short of market expectations and comes as Chinese authorities are grappling with how to stem the recent reorientation of global manufacturing chains to countries such as India and Vietnam.

Xi, who will start his third presidential term after securing a precedent-breaking third stint as party chairman in October, spoke during the Sunday meeting about the need to ensure high-quality manufacturing that is "innovative, coordinated, green, open and shared".

China's state news agency Xinhua published other comments from Xi saying development in these key areas would propel China forward in its bid to become a "great modern socialist country in all respects".

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