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Explainers: Business
BusinessChina Business

Explainer | Why were Alibaba, Fosun, Blue Moon among 21 private companies going on parade on China’s state TV?

  • Show airing on CCTV features rare appearances by top executives discussing their confidence in China’s economic prospects
  • The show is seen as a clear sign of Beijing’s determination to revive entrepreneur confidence following an era of crackdowns and pandemic pain

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The headquarters of China state broadcaster CCTV in Beijing. Photo: Getty Images
Iris Ouyang

Executives from 21 private-sector Chinese companies touted their confidence in the nation’s economy in an unprecedented programme aired by China’s state broadcaster, an affirmation of their economic role by the ruling Communist Party and evidence of Beijing’s determination to revive private businesses as it makes economic growth its top priority this year.

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Companies highlighted on The Dialogue, airing in two parts on January 7 and January 14, include tech giants Alibaba Group Holding and JD.com, manufacturers like Fuyao Glass, conglomerate Fosun Group, consumer brand Blue Moon and new energy leader Longi Green Energy Technology.

The executives discuss why they are confident in China’s economy and explain what they see as the new driving forces for the world’s second-largest economy. The programme aired on China Central Television (CCTV) Channel 2 and also received promotion on the broadcaster’s social-media channels.

Amounting to a state endorsement for the 21 companies, the programme underscores Chinese President Xi Jinping’s message during last year’s party congress that the ruling Communist Party will “unwaveringly” support the private sector, a promise stressed further at a key economic work conference at the end of 2022.
The positive coverage on Channel 2, which is regularly viewed by 1.1 billion people, is particularly important as the confidence of private-sector entrepreneurs has taken a hit after regulatory crackdowns in the technology, education and property sectors, as well as the swift policy changes, lockdowns and restrictions of the past three years.
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“As China’s economy still faces very big downward pressure, the priority [of the country] in 2023 is to stabilise the economy, and the key is to strengthen the confidence of private-sector entrepreneurs, that’s why CCTV released this video,” said G. Bin Zhao, senior economist at PwC China based in Shanghai.

The show comes after the combined wealth of China’s 100 richest people plummeted 39 per cent to US$907.1 billion from a year earlier in 2022 according to Forbes.
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