China follows up fast on Xi’s pledge for private sector support
Only a day after President Xi Jinping vowed to back China’s private sector at a meeting with entrepreneurs, policies are being rolled out
One day after a high-profile symposium hosted by President Xi Jinping and attended by China’s leading entrepreneurs, Beijing has unveiled new measures in support of the private sector – an act the president explicitly backed in his speech.
Legislation to promote the private economy is also set for a second review later this month, both positive signals from authorities that stable growth of the country’s privately owned firms is a major priority.
The list enumerates the sectors of the economy restricted to foreign and private investment, with everything not included considered fair game by regulators.
“The political, economic and social environments are highly favourable for the development of the private economy, providing a timely opportunity for private enterprises and entrepreneurs to make their mark,” said Zheng Bei, deputy head of the NDRC, in an interview with state broadcaster CCTV.
The commission also said private companies will be encouraged to actively participate in trade-in programmes and the construction of large-scale projects.