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Xiaofei Xu

The Central Committee of China's ruling Communist Party has officially announced its proposals for the country's 15th five-year plan, including language that signals strategic support for the private sector and an accelerated transformation into a financial power, easing market concerns about their positions in the economy over the next five years.
These messages were not mentioned in the communique published last week at the end of the committee's fourth plenum.
“The state should implement the Private Economy Promotion Law to ensure, through legal and institutional means, equal access to production factors, fair participation in market competition and effective protection of legitimate rights and interests, so as to develop and expand the private economy,” the proposal document said.
It vowed to “fully stimulate” the vitality of all types of business entities and encourage the joint development of various forms of ownership.
The proposal also called for a more “sound and standardised” mechanism for law enforcement involving companies, cautioning against unlawful cross-regional enforcement and profit-driven enforcement.
The recommendations follow other actions from Beijing in recent years to court private business owners and boost confidence in the private sector amid an economic slowdown.
The committee also pushed for increased access for private capital in key infrastructure projects, under the guidance of public funds.


“The state should enhance the guiding and leveraging role of government investment funds, stimulate the vitality of private investment and increase its share … strengthen the market-driven momentum for effective investment growth,” the document said.
It also called for continued efforts to promote the yuan’s internationalisation, including the building of “a self-reliant and controllable cross-border yuan payment system”, plus more access to foreign funding in domestic projects.
China should strengthen and modernise its financial system by enhancing regulations and coordination between central and local regulatory authorities, the proposal document said, also calling for the acceleration of Shanghai’s development as an international financial centre.
And the proposal stressed the need to “enhance the inclusiveness and adaptability of capital market institutions, improve the coordination between investment and financing functions, actively develop direct financing through equities and bonds, and steadily advance the development of futures, derivatives and asset securitisation”.
Compared with the language used for the last five-year plan, the current proposal placed greater emphasis on preventing risks in the financial system, calling for “a risk-prevention and resolution system”.
Financial regulations were also given prominence, as the new proposal vowed to “comprehensively strengthen” them.
On accelerating the building of a “strong financial nation”, the proposal called for the development of science and technology finance, green finance, inclusive finance, pension finance and digital finance.


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Revelations had not been mentioned in the communique issued last week following the fourth plenum


Revelations had not been mentioned in the communique issued last week following the fourth plenum.


China unveils 5-year plan’s support for private sector, strengthening financial power

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Revelations had not been mentioned in the communique issued last week following the fourth plenum

Revelations had not been mentioned in the communique issued last week following the fourth plenum