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China's Communist Party demands private sector's loyalty as external risks rise
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BEIJING (Reuters) – China’s ruling Communist Party is demanding a show of greater loyalty from the sprawling private sector as the world’s second-largest economy grapples with growing external risks, from open U.S. hostility to the coronavirus pandemic.
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In recent years, the party has sought to tighten its grip on private businesses, by taking stakes in non-state enterprises or installing officials in large firms, even as President Xi Jinping repeatedly pledged to back the sector key to growth and jobs.
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Citing rising risks and diversified values and interests among entrepreneurs, the party issued guidelines late on Tuesday advising private firms how to position themselves politically.
Business people must “maintain high consistency” with the party regarding the political aspects of position, direction and principles, say the guidelines published by the Xinhua official news agency.