China’s National Development and Reform Commission (NDRC) announced new measures on Tuesday to bolster support for private enterprises, aiming to enhance innovation and drive economic growth.
The NDRC stated that it will assist private firms in contributing to major national strategies, strengthening security capacities in key sectors, and participating in large-scale equipment upgrades and consumer goods trade-in programs.
This initiative follows a high-profile symposium focused on private enterprises held on Monday, which brought together representatives from the private sector to discuss future collaborations.
As part of the new measures, the NDRC plans to revise and publish a new negative list for market access as soon as possible. The commission will also continue efforts to ensure that private firms have fair access to competitive infrastructure sectors and major national scientific research facilities.
In addition, the NDRC will collaborate with related government organs to intensify regulatory measures, enforce stricter penalties for dishonest business practices, and address overdue payments owed to private enterprises.
The private sector is a cornerstone of China’s economy, accounting for over 92 percent of businesses in the country. It also plays a pivotal role in driving innovation, contributing more than 92 percent of China’s high-tech enterprises.
These measures are expected to further energize the private sector, fostering an environment where innovation and economic growth can flourish.
