Role of Party branches in private enterprises hailed

When Cao Guangxia looks back at the history of his company, one pivotal moment stands out: the setting up of its Party branch 31 years ago.

"Reform and opening-up gave birth to my company. But it's the Party branch that has ensured that my company remained healthy and stayed on the right track," he said.

In 1983, five years into the startup wave that followed the launch of China's reform and opening-up, Cao and six partners raised 10,000 yuan (about $5,000 at the time) to establish Zhejiang Zhenzhong Construction Machinery Co in Wenzhou, Zhejiang province.