The CPC’s discourse on the development of the private economy refers to a set of conceptual expressions and narrative systems formed in different historical periods as the Party led the people in exploring realizable forms of the basic socialist economic system. It specifically covers experience summaries of private-economic development, innovative practices of the Party in guiding private-economic growth, and strategic approaches to advancing the high-quality development of the private economy. Adopting the discourse-analysis approach and taking the reports of the 8th through the 20th National Congress of the CPC as core research texts, this paper conducts content analysis. The results show that the CPC’s discourse on private-economic development has undergone three shifts in connotative meaning: from being a “necessary supplement” to an “important component”, and further to systematic empowerment for the “Two-Healths” goal. Its value orientation has evolved from “serving economic recovery” to “empowering modernization drive”, and then to “supporting common prosperity”. Its action strategies have transformed from “normative guidance and classified regulation” to “institutional reform and policy empowerment”, and further to “ecological optimization and overall leadership”. The evolution of the CPC’s discourse on private-economic development is driven by the dual logics of institutional adherence and practical innovation. It presents basic characteristics ranging from single instrumental value to integrated pluralistic values, and from passive regulation to proactive, systematic empowerment. It demonstrates the deepening of the Party’s understanding of the laws governing private-economic development and keeping pace with the times of its governance capacity.