Press conference on the 20th CPC National Congress
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E-mail China.org.cn, October 17, 2022
South China Morning Post:
Some are saying that China's restrictions on unregulated expansion of capital, especially supervision on internet platforms, could dampen the confidence of foreign investors and private enterprises. What is your response? What policies and measures will be taken after the 20th CPC National Congress to ease such concerns of foreign investors and private enterprises?
Sun Yeli:
To begin with, one should not see curbing the unregulated capital expansion as conflicting with facilitating sound development of the non-public sector. Capital is an important production factor in the socialist market economy. Over the past 40-plus years of reform and opening up, capital, along with other production factors like land, labor, technologies, and data, have jointly contributed to the development and prosperity of the socialist market economy. Our party fully recognizes the positive role that capital has played in the socialist market economy, and has stressed the importance of having a good understanding of the defining features of capital and the way it works, and preventing its unregulated expansion. That is why we have adopted a "traffic light" approach for capital. In my understanding, it doesn't mean capital is to be rejected by setting up the "traffic light," rather it aims at better maintaining order in the market economy and ensuring healthy development of capital under an institutional framework of laws and regulations. And this, we believe, would not hinder the growth of private economy, but actually be conducive to its growth.
The non-public sector is an important economic basis for upholding and developing socialism with Chinese characteristics. Private entrepreneurs are an important force that the Party must rally and rely on in its long-term governance. Unswervingly consolidating and developing the public sector and unswervingly encouraging, supporting and guiding the development of the non-public sector has become a principal policy of the Party and the country. This has been written into the fundamental strategies in upholding and developing socialism with Chinese characteristics in the new era. This policy is not changing now and will not change in the future.
China is a law-based country. No matter whether it is state-owned or non-public capital, a domestic or foreign investment, they are all protected by the law. We will adequately draw on the good practices of other countries in the world, enhance supervision while boosting development, and continue to improve the market-oriented, law-based, and internationalized business environment.
Please rest assured that China will always be a popular destination for investment. Thank you!
