In an unprecedented TV program on China Central Television (CCTV) Channel 2, 21 private Chinese companies and their top executive were presented in what is considered to be an endorsement of the private economy by the Chinese Communist Party (CPC). The program also underscores Chinese President Xi Jinping’s message during last year’s 20th Party Congress that the ruling Communist Party will “unwaveringly” support the private sector, a promise stressed further at the key Central Economic Work Conference (CEWC) at the end of 2022. “As China’s economy still faces very big downward pressure, the priority in 2023 is to stabilize the economy, and the key is to strengthen the confidence of private-sector entrepreneurs, that’s why CCTV released this video,” said Bin Zhao, Senior Economist at PwC China based in Shanghai. The program comes after the combined wealth of China’s 100 richest people plummeted 39% to USD907.1 billion from a year earlier in 2022 according to Forbes.
The China Daily published a list of the 21 entrepreneurs and the companies they represent (in the order they appeared in the program):
Zong Qinghou, Chairman of Hangzhou Wahaha Group, based in Hangzhou, Zhejiang province. Wahaha Group is one of the largest beverage companies in China with 81 production lines across 29 cities and provinces. Zong was the 45th richest person in China in a ranking by Forbes in 2022.
Cao Dewang, Chairman of Fuyao Glass Industry Group, based in Fuzhou, Fujian province. Fuyao Glass is the world’s largest manufacturer of automotive glass. Cao had to drop out of school at 14 to sell fruit and fix bicycles on the streets to help his family make ends meet, but rose to become one of the richest entrepreneurs in China.
Li Dongsheng, Chairman of TCL Technology, based in Huizhou city, Guangdong province. TCL is producing Blackberry phones and home appliances such as air conditioners.
Leng Youbin, Chairman of China Feihe, a major infant formula maker, with the largest market share in China for baby milk formula and infant milk.
Liu Yonghao, Chairman of New Hope Group. His company has the second-largest feed production capacity in the world, also supplying meat, eggs and milk products, and expanding into financial investment and healthcare.
Daniel Zhang Yong, Executive Chairman of Alibaba Group Holding, based in Hangzhou, Zhejiang province. Alibaba operates Taobao and Tmall, two of the world’s largest e-commerce platforms, and owns businesses ranging from cloud computing to a food delivery platform for supermarkets.
Zhou Haijiang, President of Hongdou Group. The garment producer founded in 1957, later expanded into tire production, medicine and industrial-park development.
Nan Cunhui, Chairman of Chint Group. The company is a provider of various smart-energy solutions, including the production of electric transmission equipment.
Xu Lei, CEO of JD.com. Based in Beijing, the company is one of the largest e-commerce companies in China and also owns Hong Kong-listed JD Health International and JD Logistics.
Guo Guangchang, Chairman of Fosun International. The Shanghai-based conglomerate is active in tourism, property, finance and healthcare, and is one of the largest private companies in China.
Zhou Hongjiang, Chairman of Yantai Changyu Pioneer Wine Company. The Shenzhen-listed company is one of the largest wine producers in Asia. The company was started by Indonesian-Chinese businessman Zhang Bishi in 1892.
James Liang, Executive Chairman of Trip.com Group. Based in Shanghai, Trip.com is the largest travel-booking company in China, in 2016 establishing a Southeast Asia headquarters in Singapore.
Wei Lihua, Chairman of Shijiazhuang Junlebao Dairy. The company produces milk, milk powder and related products. China Mengniu Dairy in November sold its 51% stake in Junlebao, returning control back to Wei.
Liu Hanyuan, Executive Chairman of Tongwei. Shanghai-listed Tongwei is offering aquatic and livestock feed, as well as new-energy products and services, including polysilicon production and solar cells.
Jiang Xipei, Executive Chairman of Far East Holding Group. The company focuses on smart cable networks, smart batteries and smart airports, and produces lithium batteries.
Yan Kaijing, Executive Chairman of Tasly Holding Group. The healthcare company offers products for the cardio-cerebrovascular and digestive systems, metabolism, tumor immunity and neuroscience.
Xin Xufeng, CEO of Luhua Group. Based in Yantai, Shandong province, Luhua produces edible oil, rice and condiments.
Wang Nanbo, Jingpai. Based in Daye, Hubei province, Jingpai produces wine that integrates traditional Chinese medicine (TCM), aiming to enhance health.
Zhong Baoshen, Chairman of Longi Green Energy Technology. The Shanghai-listed company is the world’s largest producer of solar panels and plans to issue global depository receipts in Switzerland.
Fu Rao, Sichuan Langjiu Group. Based in Erlang in Sichuan province, Langjiu is a distillery of rice liquor and is one of the top 10 distilleries in China.
Liu Zhiqiang, General Manager of Blue Moon China. The company makes household products including washing machine detergent, pre-wash laundry liquid and hand-wash laundry detergent.
