China says the free market will play a more decisive role in allocating resources. This has come as welcome news for many private Chinese enterprises which think that the reform may bring more opportunities for them.
Hangzhou, on the east coast of China is home to many big private businesses. One of them, Supcon, is China’s leading high-tech company that provides automation controllers. Since it became clear that the third plenum of the CPC’s Central Committee was set to discuss economic reforms, the company’s vice-president has been following proceedings closely. Shi Yiming says, the announcement that the market will be allowed to play a leading role in the economy, is good news for private enterprises.
"The free market environment will bring more opportunities to private high-tech businesses, because we will have a unified standard for all products. It will boost the growth of private enterprises.” Shi Yiming, vice president of Supcon Group, said.
Reporter: “Before the close of the third plenum, many analysts anticipated that there will be major reform of state-owned enterprises, although no detailed plan has been released so far. The government has reassured that state-ownership will remain a pillar of the economy.”
Supcon has been working with State-owned giants like Sinopec and PetroChina for years. In the monopoly industries, the business opportunities for private companies are quite limited. And Shi Yiming wishes there were more.
"Many big state-owned companies have their own industry chains. Private companies that are quite competitive do not have opportunities to enter the market. We hope that in future reform, state-owned companies can open up their markets further, and give private businesses more opportunities." Shi said.
With the third plenum over, all eyes are now on the details of how these economic reforms will be carried out in the future.
Source: CCTV
