A worker catches up on production for exports of electronic products at a workshop in Sihong, East China's Jiangsu Province on February 7, 2023. Local enterprises have been ramping up efforts to accelerate production, striving to achieve a good start for the first quarter. Photo: cnsphoto

The Chinese government is to accelerate efforts to boost the development of the private economy, with the latest moves dedicated to the manufacturing and innovation sectors.

Cong Liang, vice minister in charge of the National Development and Reform Commission (NDRC), China's top economic planner, recently presided over a meeting attended by executives from NIO, Anta and TCL, the NDRC said on Tuesday. Cong and participating officials held in-depth discussions with the representatives on their opinions and suggestions on dealing with the current economic situation. 

Zhao Chenxin, another vice minister of the NDRC, conducted research in selected private enterprises in the green industry, learning about the challenges and obstacles they face in promoting energy transformation, and green development.

And, the Ministry of Industry and Information Technology (MIIT) on Tuesday vowed to stabilize enterprises' expectations and boost their confidence, while working out new policies to accelerate tech transformation. 

The MIIT said that it will further promote the specialized and innovative development of small and medium-size enterprises (SMEs) and follow the guidelines on boosting the growth of the private economy. For instance, it will accelerate digital transformation of traditional industrial sectors. 

The private economy plays a vital role in China's structural overhaul and economic recovery, which is also the foundation to spur market dynamism, Cong Yi, dean of the School of Marxism at Tianjin University of Finance and Economics, told the Global Times on Tuesday. 

China on July 19 issued a guideline including 31 measures to boost the growth of the private economy, stressing that the nation will ensure that enterprises of varied ownerships will compete fairly and be protected by the laws, in order to boost market confidence and consolidate the foundation for a rapid economic recovery.

The NDRC on Monday issued a notice saying that it would further build up relevant mechanisms and improve the policy environment to spur private sector investment. 

Cong Yi noted that some private enterprises are facing obstacles in expanding their innovative development and obtaining talent, adding that the government's supportive policies will assist them to better tackle the difficulties they face. 

In the first quarter of 2023, a total of 2.04 million new private enterprises were registered, a year-on-year increase of 10.7 percent, official data showed. As of the end of March, the number of registered private enterprises exceeded 49 million, with private enterprises accounting for 92.3 percent of all registered companies.