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China pledges more support for private sector

Xinhua | January 19, 2024

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China's top economic planner, the National Development and Reform Commission (NDRC), vowed on Thursday to roll out further pragmatic measures to boost the development of the private sector.

Yuan Da, a Deputy Secretary-General of the NDRC, told a press conference that the commission will push ahead with the legislation on promoting the development of the private sector and enshrine the equal status of state-owned enterprises and private businesses in law.

He said that the NDRC will act to ensure the implementation of policies supporting the private sector, encourage more private investment in the country's significant projects, and back private companies in conducting research and development in key and core technologies.

The NDRC will make efforts so that the voices of private firm owners are heard and their problems solved, Yuan added.

According to him, the commission will also actively create a favorable environment for the development of the private sector, where entrepreneurship is praised and private businesses are respected.