While the rise of democracy has been attributed to various factors, including the emergence of a capitalist class. This article adopts a theoretical analysis method to delve into the role of private entrepreneurs in China as a potential catalyst for democratization. Drawing on Barrington Moore's theory of "no bourgeoisie, no democracy" and Samuel Huntington's analysis of democratization movements, the paper explores the dynamics between private entrepreneurs and the Chinese Communist Party (CCP) and analyzes the identity and interests of private entrepreneurs.The study reveals that private entrepreneurs in China maintain close informal connections and share political interests with state officials, indicating an interdependent relationship rather than an antagonistic one. Additionally, the lack of a unified political front and diverging economic interests among private entrepreneurs undermines the potential for class formation and collective action towards democratization. The paper also highlights the integration and cooperation between the CCP and private business owners, dispelling assumptions of discontent and hostility between the two groups. Chinese private entrepreneurs are generally satisfied with the CCP's economic policies, with their primary concern being market competition rather than state policies. This research contributes to a nuanced understanding of the complex dynamics between private entrepreneurs and the CCP in the context of democratization in China.