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China strives to support private economy

Updated: Mar 2,2019 6:56 PM     Xinhua

BEIJING — China is injecting vitality into the private economy with different central agencies rolling out policies to support private firms, a spokesperson with the annual session of the country’s top political advisory body said on March 2.

Many political advisors from the private economy said they feel encouraged by the support and expect bright business prospects with the faithful implementation of the measures, Guo Weimin, spokesperson for the second session of the 13th National Committee of the Chinese People’s Political Consultative Conference (CPPCC), told a press conference.

Central agencies including the People’s Bank of China, the Ministry of Finance and the National Development and Reform Commission have unveiled a series of policies to expand financing, reduce taxes and fees and cut red tape for private firms after the central authorities vowed stronger support for the private sector last year.

The CPPCC last year conducted several researches and held related seminars on supporting the private economy, Guo said.

The private sector is one major contributor to the country’s stable employment, offering over 80 percent of total urban jobs.