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Favorable policies boost private enterprise development

Updated: Mar 9,2019 8:06 PM     Xinhua

BEIJING — China’s private enterprises see promising prospects as the country has recently offered a number of favorable policies to boost private economy, political advisers said on March 9.

“Private entrepreneurs have gained more confidence,” Chen Zhilie, chairman of EVOC Intelligent Technology, said at a plenary meeting of the second session of the 13th National Committee of the Chinese People’s Political Consultative Conference (CPPCC).

Recent efforts made by China to promote private economy include cuts of taxes and fees, expanded market access, streamlined approval and licensing procedures, and better financing.

Stronger policy and measure supports are expected to further stimulate private businesses’ vigor and creativity, Chen said while speaking on behalf of the All-China Federation of Industry and Commerce.

The relationship between government and businesses has become more cordial and cleaner, and the general environment has become more friendly to private enterprises, he added.

Private enterprises based in Zhongguancun, the high-tech zone located in Haidian district of Beijing, have a “growing sense of fulfillment” under government supports such as tax and fee cuts, improved enterprise listing services and strengthened property right protection, said Chen Shuang, a national political adviser from Beijing, in her speech.

Zhongguancun-based Xiaomi shipped over 100 million mobile phones to over 80 countries and regions in 2018, the annual revenue of Lenovo group exceeded $45 billion, ranking the 240th among the Fortune 500, all proof of Haidian’s good environment for innovations and the vitality of its private businesses, said Chen, also deputy chief of Haidian district government.

While admitting the difficulties facing China’s private economy amid slower economic growth, the political advisers said with improved business environment and their own efforts, private businesses would be able to achieve greater development.