(Yicai Global) Dec. 19 -- The Central Economic Work Conference, an annual meeting that sets the national agenda for the economy in 2023, has specified that China should support the growth of the private sector.

China needs to treat state-owned and private companies equally, both institutionally and lawfully, as well as safeguard the property rights and interests of private firms and entrepreneurs, according to the Central Economic Work Conference held in Beijing from Dec. 15 to Dec. 16.

Next year, the country will prioritize the stabilization of economic growth, focus on the recovery and expansion of consumption, and strengthen macroeconomic policies by improving psychosocial expectations and boosting confidence in development, as per the meeting conclusions.

The Central Economic Work Conference stressed the key role private companies play and presented a straightforward answer to the public opinion that tends to doubt private firms’ status, said Teng Tai, director of the Wanb Institute. There will be more supporting policies targeting private companies in the future, he added.

The Central Economic Work Conference’s proposal of supporting platform companies to play an essential role in leading economic development, creating jobs, and building international competition may indicate that the platform economy will enter a new stage of growth.

The platform economy, a target for regulatory policies in the previous stage, which is also an important component of private firms, has a crucial role in stabilizing employment, said Zhong Zhengsheng, chief economist at Ping An Securities.

The basis for China’s economic recovery is not solid enough, as the pressure from the shrinking demand, supply shocks, and weakened expectations remain huge, and the external environment is troubled. But China’s economy is resilient, boasts vast potential, and is also quite vibrant. Its economic operation in 2023 is expected to generally rebound as various policies take effect.

The growth target for next year’s gross domestic product will be around 5 percent, Zhong predicted, adding that policies need to continuously take effect to reach such a goal.

China’s economic operation is expected to generally recover next year, as the optimized epidemic prevention measures and the synergy between new and old policies will significantly and positively influence the economic recovery and development, Han Wenxiu, deputy director of the office of the Central Committee for Financial and Economic Affairs, said at the annual conference for China’s economy hosted by China Center for International Economic Exchanges on Dec. 17. The base effect will also somewhat reinforce economic data for 2023, he added.

Editors: Xu Wei, Futura Costaglione