Commentary: A shot of confidence in times of economic headwinds

Photo taken on July 16, 2020 shows a container dock in Tangshan City, north China's Hebei Province.(Xinhua/Yang Shiyao)

BEIJING, July 22 (Xinhua) -- By renewing its pledge to further protect market entities and spur their vitality in times of difficulty and uncertainty, China has given its economy and all market players a fresh shot of confidence.

Chairing a symposium with entrepreneurs Tuesday, Chinese President Xi Jinping listened to their opinions and advice on the economic situation, assuring them that policy support will be enhanced so that market entities can "not only survive but also thrive."

The pledge comes as China, through the combined efforts of the whole nation, has achieved strategic results in epidemic containment and started to see a bounce-back in the epidemic-battered economy.

China saw its gross domestic product expand 3.2 percent year on year in the second quarter, following a 6.8 percent contraction in the first quarter, official data shows.

The better-than-expected recovery has been a result of effective virus control and heavy macro-policy backing, as well as the arduous efforts of all market entities.

However, given the continuous global spread of the virus and mounting external risks, enterprises and individual businesses are still facing challenges, and ensuring their well-being is crucial for sustaining the hard-won rebound.

Workers check a production line at Lianyungang Economic and Technological Development Area in Lianyungang, east China's Jiangsu Province, July 16, 2020. (Photo by Geng Yuhe/Xinhua)

To protect market entities is to protect productivity. By 2019, China had around 123 million market entities. They have played a major role in the country's development by participating actively in economic activities, creating jobs and pushing technological progress.

Their roles will be increasingly essential as China works to create a new development pattern in which domestic and foreign markets boost each other, with the domestic market as the mainstay.

To provide true support, the symposium touched upon issues of great concern, including relief measures, business-environment improvement and the government-business relationship. Opinions and suggestions from entrepreneurs will also be taken into account in the formulation of policies, such as China's 14th Five-Year Plan.

Xi promised that the Chinese government will provide more high-quality public services to help entrepreneurs take root in China and cultivate the Chinese market.

With such support and solidarity, China's market entities are expected to make greater contributions to the country's economic restoration and the pursuit of socialist modernization. Their hard work and strength will serve to bolster the long-term resilience and vitality of the Chinese economy and beyond.