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Boosting the private economy: What will China do?

High-rises dominate the skyline on both sides of the Huangpu River in Shanghai.

China unveiled 28 detailed measures to boost the private economy on Tuesday, including promoting fair market access, offering stronger financial support, boosting legal guarantees, optimizing services and creating a sound atmosphere for private companies.

Here are some of the detailed measures:

Promoting fair market access

– Encouraging private firms to participate in major national projects that are profitable and mature.

– Expanding issuance scale of Real Estate Investment Trust products for infrastructure projects, promoting qualified private investment projects to issue REITs, and further expanding private investment.

– Supporting private firms to lead technological programs in key areas, such as industrial software, cloud computing, artificial intelligence, industrial internet, gene and cell medical care, and new energy storage.

– “Green light” investment cases will also be published continuously to drive the sound development of the platform economy.

Offering stronger support

– China will extend supportive tools on inclusive loans for micro and small enterprises until the end of 2024.

– Granting rights to private firms to evaluate the professional title. The private firms above a designated size with strong technical strengths are allowed to set up professional title evaluation committees independently or jointly, to carry out independent evaluation.

Boosting legal guarantees

– In terms of legal guarantees, regulations and official documents violating the principle of equality for enterprises of various types of ownership will be abolished to protect the development of the private economy.

Optimizing services

– Utilizing digital measures such as government service platforms to improve service efficiency, and taking multiple measures to help private enterprises solve problems and difficulties.

Creating a sound atmosphere

– Smoothing channels for enterprise-related complaints at different levels.

– Cracking down on spreading rumors, slander and the smearing of private enterprises and entrepreneurs in accordance with the law.

– In accordance with relevant state regulations, recognizing and awarding the collectives and individuals that have made outstanding contributions to the development of the private economy, as well as carrying forward the entrepreneurial spirit to play an exemplary and leading role.
Source: China Daily

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