Gao Yunlong, chairperson of the All-China Federation of Industry and Commerce, speaks at a press conference in Beijing, capital of China, March 5, 2023. (Xinhua/Cheng Tingting)

The All-China Federation of Industry and Commerce (ACFIC) will continue to play its part in facilitating favorable policies to shore up the confidence of private businesses, said Gao Yunlong, the ACFIC's chairperson, on Sunday.

Gao made the remarks at a press conference on the sidelines of the ongoing annual session of the National Committee of the Chinese People's Political Consultative Conference, the country's top political advisory body.

The chairman noted that with over 5 million members, the ACFIC functions by collecting and analyzing opinions of entrepreneurs, including difficulties facing the private sector, and submitting proposals to help the central government make targeted policies such as tax and fee cuts.

The ACFIC also plays a crucial role in promoting these policies to ensure that private businesses will benefit from them, Gao said.

He stressed the federation's task of helping improve the business environment in terms of favorable policies, fairer market competitions and the rule of law, so that the private sector's operating cost can be lowered.

Meanwhile, the ACFIC will continue to create development opportunities for enterprises through investment promotion activities, and tackle financing problems for the private sector through greater enterprise-bank coordination, Gao added.