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Stories of High-Quality Development | Li Zhaoqian: Continuous innovation in theory and practice of the private economyBy Wang Zhen (People's Daily Online) 16:13, April 29, 2025
"The 40-plus year development history of China's private economy is a history of continuous innovation and development in the Party's and the country's theories and policies regarding the private sector," said Li Zhaoqian, president of the China Society for the Study of the Private-Sector Economy, at People's Daily's "Stories of High-Quality Development" video series.
Over the past four decades, every advancement in China's private economy has been preceded by the liberation of thought and breakthroughs in ideology and theory. Initially, the country "allowed" the existence of private enterprises, and then promoted a system where "public ownership plays the dominant role while developing together with other forms of ownership." Later, this evolved into "unswervingly consolidating and developing the public sector and unswervingly encouraging, supporting, and guiding the development of the non-public sector." Private entrepreneurs were initially defined as "self-reliant laborers." This characterization was later elevated to "builders of socialism with Chinese characteristics," and ultimately refined to "belonging to our own family." The private sector was once regarded as a mere "supplement" to the economy. It was later acknowledged as an "important component" of the socialist market economy. Today, it is recognized as an "important foundation," an "important force," and an "intrinsic element." The Party's evolving understanding of the private economy reflects a persistent liberation of thought and innovation in theory and practice, Li explained.
(Web editor: Hongyu, Wu Chengliang)
