The initiatives focus on easing funding constraints, promoting investment, promoting trade, strengthening talent development and promoting innovation, said Li Min, deputy director of the Private Economic Development Bureau under the National Committee on Development and Reform in the latest episode of China Economic Roundtable, a full-media talk show hosted by Xinhua News Agency.
The private sector plays an important role in the Chinese economy, accounting for over 90% of all businesses across the country and contributing to more than 70% of the country’s technological innovation. In February this year, the country held a high-level symposium on private companies, demonstrating strong support for the sector.
Liu said China is taking concrete steps to enhance legal protections for the private sector through legislative work on the Promotion of the Private Economics Act. The bill, set to become China’s first basic law dedicated to the private sector, has already received two reviews by Chinese lawmakers.
China is also encouraging greater private sector participation in major national projects and programs, Liu added. To address the issue of expired payments, the state will focus on the payments to private companies intensifying punitive measures against defaulters.
Liu emphasized efforts to enhance communication with private companies. The comprehensive services platform for private sector development, launched in December, has recorded 180,000 visits over the past four months. By the end of March, the platform had received approximately 2,000 submissions from private companies, raising issues such as policy recommendations, access to production factors, expired payments and intellectual property disputes.
Each submission is handled through a structured workflow process of collection, handling, feedback and follow-up to address private companies’ concerns, Liu said.
MNA/