On November 26, the First Session of the Second Conference of Jiangsu Society of Private Economic Research (JSPER) was convened in Nanjing, attended by Xu Ming, member of the Standing Committee of Jiangsu Provincial Party Committee and Vice Governor of Jiangsu, Xu Zhongzi, Deputy Director of the Standing Committee of Jiangsu Provincial People’s Congress and Chairman of Jiangsu Federation of Industry and Commerce, Xu Yiping, Director of Jiangsu Economic and Information Technology Commission, Yang Yong, Deputy Director of the United Front Work Department of Jiangsu Provincial Party Committee and Party Secretary of Jiangsu Federation of Industry and Commerce, and Yue Lei, Senior Vice President of Sanpower Group.

Xu Zhongzi first gave an address in the conference. He requested JSPER to probe into theories of private economy and development of chambers of commerce, as well as major issues in the development and propaganda of private economy, hoping JSPER would make more contributions to promoting the sound development of Jiangsu’s private economy, individuals from non-public economy, and the career of the Federation of Industry and Commerce (Chamber of Commerce).

Lu Qun, Vice President of JSPER, made the work report of the first Board of Directors. The second Board of Directors was then constituted by election, in which Yang Yong was elected as President and other 32 people were elected as Vice Presidents, including Yuan Yafei, Vice President of China Society for Promotion of the Guangcai Program, Vice Chairman of Jiangsu Federation of Industry and Commerce and Chairman of Sanpower Group.

Founded in Nanjing on March 24, 2009, Jiangsu Society of Private Economic Research is aimed at integrating the resources of all parties including institutes, governments, enterprises and specialists, focusing on the development trend of Jiangsu’s private economy, exploring better development strategies and probing into relevant theories, so as to promote the sound and fast development of Jiangsu’s private economy on both theoretical and practical levels. Over the past six years, it has witnessed the steady growth of Jiangsu’s private economy through innovation and transformation.

At the subsequent entrepreneurs’ exchange meeting, Yue Lei, Senior Vice President of Sanpower Group, made a speech as a representative of Jiangsu’s private enterprises which developed by going global. As noted by Yue, the development of China’s private economy is closely related to China’s reform process. Just as the saying goes, “The duck knows first when the river becomes warm in spring.” Now China is simultaneously dealing with the slowdown in economic growth, making difficult structural adjustments and absorbing the effects of the previous economic stimulus policies. However, the current phase will bring more opportunities than challenges to private economy. As China’s economy has entered a period of new normal, private enterprises have also entered their period of transformational development through the slowdown in growth and structural adjustments. Sanpower Group is speeding up the process of “going global” and realising its transformation through cross-border mergers and acquisitions.

Meanwhile, the transformation of private enterprises needs the support and guidance of government departments. According to Yue Lei’s suggestion, with the election of the new Board of Directors, Jiangsu Federation of Industry and Commerce can lead and organise the consultants and experts of JSPER to make specific investigations on private enterprises, so as to fully understand them and help them realise transformation in a better and faster way.