Beijing has indicated that patriotism is vital to entrepreneurship. The Chinese official media has elaborated for the first time its meaning and what it implies for the second largest economy in the world. The Central Committee of the Communist Party and State Council have urged Chinese entrepreneurs to push professionalism and patriotism. They have also harped on social responsibility and innovation. There have been calls for better guidance of the party for the entrepreneurs. A thriving environment for business has also been promised for the latter.
As per Han Meng of Beijing's Academy of Social Sciences Institute, the document's important elements are linked to the event of Chinese companies embarking in huge overseas shopping sprees. He pointed out that if such activities are not controlled, these could lead to an erosion of the Chinese economic base. Patriotic entrepreneurs are people who could do more to benefit the Chinese domestic economy and also, the society.
According to the Beijing-controlled Xinhua News Agency, this guideline has described the crux of Chinese entrepreneurship under the new era. It is regarded as the maiden edict which has concentrated on the entrepreneurial spirit. It is intended to push up the vitality of the market. President Xi Jinping wants to bolster the government sector. He wants to create 'national champions'. This effort mirrors the concern about capital acquisitions and outflows. This has placed downward pressure on Chinese currency Yuan in the recent years.
The patriotism edict is representative of yet another shift in the Chinese communist party's troubled relationship with capitalism. This relationship has become more complex since China opened up its economy from the latter part of the 1970s. Post decades of red-hot economic growth, President Jiang Zemin took the decision in 2001 to accept private businesspersons as party members.
Private enterprises, however, continues to be controversial. Those wanting to open their own business come up against a number of barriers. These range from restricted access to financing and even bureaucratic meddling. Zhu Hongren, deputy president, Chinese Association of Enterprises, said that the new edict heralds a brand new phase of protecting and also advancing entrepreneurship. These new guidelines elaborate on what makes up entrepreneurship. It also provides details on how to make a favorable environment for any private business. This document stressed on how the Chinese Government will protect all interests and legal rights of all entrepreneurs, along with ensuring fair competition.