Recently, the General Office of the Central Committee of the Communist Party of China ("CPC") has issued the Opinions on Strengthening the United Front of Private Economy in the New Era (the "Opinions").
The Opinions make arrangements for strengthening the ideological and political construction of private sector entrepreneurs, building a team of high-quality representatives of private economy, supporting and serving the high-quality development of the private economy, and establishing a sound government-enterprise communication and consultation system. Among others, the Opinions put forward that, focusing on the central task and serving the overall interests, and promoting the high-quality development of the private economy are integral parts of the united front of the private economy and also important criteria for measuring the effectiveness of work. To this end, the Opinions calls for promoting the implementation of new development concept, encouraging participation in major national strategies, supporting the devotion to comprehensively deepening reforms and continuously optimizing the business environment. Specifically, the above policies are carried out by encouraging private enterprises to participate in mixed-ownership reform, guiding private enterprises to improve their corporate governance structure and exploring the establishment of a modern corporate system with Chinese characteristics. Meanwhile, with the promotion of fair market competition and equal protection of property rights as the key, efforts shall be made to promote the construction of a market-oriented, legalized and internationalized business environment.