Tencent’s CEO, Pony Ma, has expressed optimism about China’s future, highlighting the government’s growing support for private businesses. In a recent commentary for the People’s Daily, Ma praised China’s new policies aimed at driving economic recovery and inspiring confidence among entrepreneurs.
China is currently drafting its first foundational legislation to promote the private economy—the Private Economy Promotion Law—which is open for public consultation until November 8. Ma believes that this new law will provide strong legal backing for private enterprises, helping them operate more effectively.
“The progress in our legislative frameworks offers robust support for private businesses,” Ma wrote. “A coordinated set of macroeconomic policies ensures consistency and effectiveness, allowing us to focus on core operations and sustainable growth.”
In response to signs of economic slowing, the Chinese government has introduced a series of stimulus measures since September to boost investment and consumption. Special attention is being given to supporting the private sector and encouraging a shift towards high-tech manufacturing and services.
Tencent, best known for its essential WeChat messaging and payment app, is one of China’s leading tech companies. Ma emphasized the crucial role of the internet and digital technology sectors in boosting the economy.
“We have actively responded to the national strategy to expand domestic demand,” Ma said. “By exploring innovative approaches to digital consumption, we’re creating diverse consumption scenarios, models, and formats. Moving forward, we aim to increase investments aligned with policy directions, foster entrepreneurial spirit, and connect technological innovation with industrial upgrades.”
Ma remains confident in the resilience of the private sector and China’s economy.
“With the leadership of the Party and government, and through collective effort and determination, we firmly believe private enterprises have a bright future,” he stated.
Other business leaders share Ma’s optimism. Liu Yonghao, chairman of New Hope Group, urged companies to promote scientific and technological innovation. “We intelligently analyze data to improve operations,” Liu wrote. “We’ll continue to invest in science and technology, applying intelligent, biological, and digital innovations to traditional manufacturing.”
Experts have also weighed in on the challenges facing China’s economy. Zhang Bin, deputy director at the Chinese Academy of Social Sciences, noted that China is grappling with insufficient effective demand. However, he believes that reasonable policy efforts can address this issue effectively.
“With the implementation of recent policies, China’s economy can overcome this challenge,” Zhang said.
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Tencent CEO says encouraged by growing govt support of private sector
cgtn.com
