China is rolling out targeted measures to create a favorable environment for private enterprises and stimulate growth in the private sector, according to an official from the National Development and Reform Commission.
These initiatives focus on easing financing constraints, boosting investment, promoting trade, enhancing talent development, and encouraging innovation, stated Liu Min, deputy head of the private economy development bureau, during the recent episode of China Economic Roundtable, a talk show hosted by Xinhua News Agency.
The private sector is crucial to China's economy, comprising over 90 percent of all businesses and contributing more than 70 percent of the country's technological innovation. In February, a high-level symposium on private enterprises was held, signaling strong governmental support for this sector.
Liu noted that China is taking concrete steps to strengthen legal protections for private enterprises, with the legislative process for the private economy promotion law accelerating. This draft legislation is set to be China's first fundamental law focused on the private sector and has already undergone two reviews by lawmakers.
Additionally, China encourages greater participation from the private sector in major national projects and programs. To tackle overdue payments, the government plans to enforce stricter punitive measures against defaulters, particularly regarding payments owed to private businesses.
Efforts to improve communication with private enterprises have also been emphasized. A comprehensive service platform for private sector development, launched in December, has recorded 180,000 visits in the past four months. By the end of March, the platform had received nearly 2,000 submissions from private firms addressing issues such as policy recommendations, access to resources, overdue payments, and intellectual property disputes.
Each submission is managed through a structured workflow process that includes collection, handling, feedback, and follow-up, aimed at addressing the concerns of private companies, Liu explained.
(Source: Xinhua)
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