Xinhua News Agency, Beijing – The “Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting the Development and Growth of the Private Economy” was released on July 19th, outlining key tasks to stimulate the vitality of the private economy. A spokesperson from the National Development and Reform Commission elaborated on the background and important tasks of the opinion.
The private economy has played a crucial role in stabilizing growth, promoting innovation, increasing employment, and improving people’s livelihoods. Over the past decade, private enterprises have seen significant growth in their contribution to taxation, employment, and foreign trade. However, they have also faced challenges and difficulties due to changes in the development environment. To address this, the Party Central Committee and the State Council have issued a series of documents since 2012 to support the private economy.
The “Opinions” released this time further reflects the importance attached by the Party Central Committee with Comrade Xi Jinping at the core to the private economy. The Opinion aims to improve the system and mechanism, boost confidence, and stimulate the vitality of the private economy.
The Opinion focuses on six main tasks. Firstly, it aims to optimize the environment for the development of the private economy by streamlining market access barriers and implementing fair competition policies. Secondly, it emphasizes policy support for the private economy, including improving financing support and protection of labor rights and interests. Thirdly, it strengthens the legal guarantee for the development of the private economy, ensuring the protection of property rights, combating corruption, and improving intellectual property protection. Fourthly, it promotes the high-quality development of the private economy by encouraging innovation, investment in research and development, and participation in national strategies. Fifthly, it focuses on enhancing the growth of private economic personnel through mentorship programs and fostering a positive political and business relationship. Lastly, it aims to create a social atmosphere that supports the development of the private economy by promoting a correct understanding of its contribution and cracking down on negative public opinion.
The National Development and Reform Commission, in collaboration with relevant departments, will implement the Opinion by improving coordination mechanisms and compacting responsibilities. They will formulate action plans, clarify division of labor, and work with local governments to ensure effective implementation.
With the release of these comprehensive and targeted measures, it is expected that the private economy in China will enter a new phase of development with brighter prospects.