The National Development and Reform Commission Photo: VCG

The National Development and Reform Commission (NDRC), China's top economic planner, held a meeting with private company representatives on Monday to learn about their business situations and operating difficulties, vowing to address their concerns.

Despite short-term headwinds, the private sector enjoys good prospects of thriving in the Chinese market as the nation remains committed to supporting their development and rolling out measures to boost their confidence and facilitate their long-term growth, experts said.

Companies of different scale and from different regions were invited to the meeting, including leading tech giant Baidu, solar energy company LONGi Green Energy Technology Co, pharmaceutical company Jemincare, tourism agency Spring Tour, Donkey Meat Cao Catering and others, according to a statement released by the NDRC on Monday.

Private entrepreneurs introduced their production and operation status and the difficulties faced by their businesses, as well as their true feelings about the implementation of macro policies, read the statement.

Zheng Shanjie, head of the NDRC, said that the specific feelings of private enterprises on macro policies and suggestions combined with their development reality are important references for the national economic planner to formulate macro policies as well as to carry out macro regulations.

As for the specific demands put forward by the enterprises, the NDRC will coordinate with relevant departments to find solutions; while as for suggestions, it will carefully study with relevant departments, and introduce or improve related policies as appropriate, Zheng noted.

This was the second such meeting within seven days. On July 3, Zheng held a meeting with senior executives from heavy machinery maker SANY Group, home appliances producer AUX Group, Shanghai YTO Express (Logistics) Co, down producer Bosideng and bottled water supplier Nongfu Spring Co.

At the meeting, company representatives tackled the opportunities and challenges brought by changes in the domestic and foreign business climate, and raised some suggestions on further optimizing the legal and institutional environment for the development of private enterprises.

"On the one hand, external environment remains sluggish as US Fed's rate hiking cycle is yet to come to an end and the global market remains in a phase of tightening liquidity supply," Tian Yun, a Beijing-based economist, told the Global Times on Monday.

While on the other hand, in accordance with the high-quality development targets, China did not choose the traditional path to stimulate the real estate sector as a means to drive the recovery of related industries. Therefore, the expansion of domestic economy has not been strong enough, Tian said.

Against such backdrop, private companies have been under pressure over recent months and need support from the government so as to get through the tough period, Tian said, noting that it is exactly what the NDRC has been intending to address by holding the meetings.

It is expected that a series of corresponding measures will be put in place to boost the confidence of the private sector and improve their expectations, Tian stressed.

In the meantime, the country's platform-based enterprises are expected to embark on a wave of fast and standardized growth with potential risks being largely defused after a centralized rectification of the companies' violations of laws and regulations in financial activities, experts said.

"As most of the outstanding problems in the financial businesses of platform enterprises have been rectified, now it is time to unleash their vitality so as to help boost economic growth," Tian noted.

China's private economy will embrace new opportunities for development as the nation keeps improving business environment for them to thrive in, experts said, refuting the "crackdown" hype aired by foreign media.