On Oct 26, Gao Yunlong, vice-chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and chairman of the All-China Federation of Industry and Commerce  (ACFIC), took a survey to the China CITIC Bank headquarters in Beijing, and held a symposium on promoting cooperation between the federation and financial institutions to jointly enhance the high-quality development of the private economy in China.

A dynamic economy depends on dynamic finance, and the private economy cannot achieve healthy development without the strong support of banks and other financial institutions, Gao said at the meeting.

Gao said the ACFIC will continue to guide and improve communication between local federations of industry and commerce with China CITIC Bank and other financial institutions to boost in-depth cooperation, promote the implementation of the central government's financial preferential policies on industrial enterprises, and effectively bridge private businesses in need with financial institutions that can provide the necessary support.

The CPPCC vice-chairman stressed that the ACFIC must earnestly study the spirit of the 20th CPC National Congress, thoroughly implement the guiding principles of the important statements and instructions of the Chinese leadership on the development of the private economy, on the support for the development of the real economy from the financial sector, and on the prevention and resolution of financial risks.

The ACFIC will summarize the financial sector’s experiences and practices in supporting the growth of the country's private economy, and will strive to produce a group of replicable and promotable models of financial support to develop the private economy, which will establish a sound ecology that ensures benign interactions and coordinated development between financial institutions and private enterprises, said Gao.

The two sides also launched strategic cooperation to consolidate the healthy and sustainable development of the private economy.

According to the agreement, the cooperation will focus on six aspects: support for medium, small and micro-sized private enterprises; comprehensive services for entrepreneurs; technology empowerment and digital services; support for reform of State-owned enterprises; the "going global" of private enterprises, and brand building.