Private economy which has ever been dismissed is back into spotlight again, thanking to the emergence of Deepseek which shocked the entire AI world, which has made the central government re-recognize the significant role that the private sector has played in Chinese economy.
Chinese President Xi Jinping delivered a speech at a symposium with prominent entrepreneurs, signaling support for the private sector at a time when the country’s economy has been facing several headwinds including lackluster domestic consumption, a prolonged real estate slump and external headwinds such as tariffs on its exports.
Data shows that the private sector contributes for more than 60% of China’s GDP, 48.6% of foreign trade, 56.5% of fixed-asset investment, 59.6% of tax revenue and more than 80% of urban employment.
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