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China to further support growth of new business models

Chinese authorities on Wednesday unveiled a guideline to support the healthy growth of new business models, in the latest move to boost consumption and create jobs.

Efforts will be made to further strengthen the digital economy, said the guideline jointly released by 13 central government departments, including the National Development and Reform Commission.

The country will work to nurture more independent business owners and support self-employment, amid measures to spur new types of private businesses to create new space for consumption.

According to the guideline, costs will be further lowered for individuals to start businesses online to offer diversified job opportunities.

New individual businesses are expected to create more jobs and vitality for the country’s transforming economy. The Internet Society of China estimated that China’s e-commerce market exceeded 2 trillion yuan (about 285.79 billion U.S. dollars) in 2019, employing over 48 million people.

Efforts will be stepped up in promoting the micro economy and encouraging the innovation of side businesses, the guideline said.

The guideline highlighted endeavors to promote employment based on diversified channels including social media, e-commerce, short-video and live-streaming platforms.

Measures to explore new modes of online services, accelerate the digital transformation of industries and foster new models of the sharing economy were also listed in the guideline.
Source: Xinhua

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