The Communist Party of China Central Committee and the State Council on July 19 issued a guideline for boosting the growth of the private economy, promising to improve its business environment, enhance policy support and strengthen legal guarantees for its development.

This is the most authoritative and most high-profile document about the private economy that the central authorities have issued in nearly 10 years. It will, without doubt, guide private enterprises to improve quality through self-reform and provide policy support to help the private economy become stronger, bigger and do better.

The guide reflects the authorities' emphasis on the private economy and clarifies its key role by noting that the private sector is an emerging force to promote Chinese modernization and an important foundation for high-quality development.

According to the document, the country will strengthen protection of the legitimate rights and interests of entrepreneurs as part of a legal guarantee for the private economy's growth. Sometimes the legitimate rights of some local private entrepreneurs gets violated when some officials are corrupt, severely affecting their operation and production. However, the document will turn a blind eye to private companies' illegal behaviors.

Further, the guideline vowed to create a healthy public opinion atmosphere for the private sector. Researchers found that quickly spreading online information can give a strong boost to investors' attention, confidence and sentiment. In recent days, some media outlets have distorted reality, bad-mouthed the private economy and even defamed private entrepreneurs to attract eyeballs. Such behavior has not only damaged the reputation of these private entrepreneurs, but also negatively affected the long-term development of the non-public sector.

The guideline document shows that the authorities care for the private sector, and marks a milestone for the development of the private economy. The new measures are expected to help the private sector become stronger, do better and grow bigger, and drive the high-quality development of private enterprises.

Zhou Yuehui is a professor of economics of the Party School of the Communist Party of China Central Committee. The views don't necessarily represent those of China Daily.

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