China to unveil more measures to revive private economy: officials

A staff member sells wig products to overseas markets via an e-commerce platform at a wig company in Shaoyang, central China's Hunan Province, May 25, 2023. (Xinhua/Xue Yuge)

BEIJING, July 20 (Xinhua) -- Chinese officials on Thursday pledged greater efforts to revive the private economy, with more measures to be unveiled soon.

Their remarks came after the Communist Party of China Central Committee and the State Council issued a guideline on Wednesday on boosting the growth of the private economy.

"The private economy has long played a positive role in stabilizing growth, promoting innovation, increasing employment and improving people's livelihoods," Li Chunlin, deputy head of the National Development and Reform Commission, said at a press conference.

To ensure full implementation of the guideline, the commission will work with relevant parties to introduce supporting policies and measures in the near future, he said.

As part of the supporting measures, the commission will publish a document soon on encouraging private investment to "fully motivate the sector," Li said.

The commission will continue holding symposiums with private entrepreneurs on a regular basis to help them solve problems and heed their suggestions, Li said.

The private sector contributes approximately 50 percent of China's tax revenue, 60 percent of its GDP, 70 percent of its technological innovation, and accounts for 80 percent of its urban employment.

To provide an improved environment for the private economy, China will also work to remove barriers in market access and fully implement policies and mechanisms for fair competition, he said.

An Lijia, vice chairman of the All-China Federation of Industry and Commerce, pledged efforts to create a nurturing social environment for the private economy.

"We will increase publicity of outstanding private entrepreneurs and promote their entrepreneurial spirit. Meanwhile, we will cooperate with relevant departments to crack down on malicious rumors and smears against private enterprises," An said.

In China, more than 90 percent of private companies are small and medium-sized enterprises (SMEs), and more than 90 percent of SMEs are private companies.

China will continue to facilitate financing for SMEs, said Xu Xiaolan, vice minister of industry and information technology.

Outstanding inclusive finance lending to small and micro-sized companies reached 27.7 trillion yuan (about 3.88 trillion U.S. dollars) at the end of June, up 26.1 percent year on year.

China will also promote qualified SMEs to go public, and encourage the national SME development fund to increase investment in start-ups, Xu said.

"The country will work to create a market-oriented, legalized and international business environment for micro, small and medium-sized enterprises," Xu noted.