Workers rush to produce solar photovoltaic modules for domestic and foreign market at a solar energy company in Haian High-tech Zone, East China's Jiangsu province on June 17, 2023. Photo: IC

China's National Development and Reform Commission (NDRC), the country's top economic planner, and other departments jointly unveiled measures to boost the development of the private economy, including backing the private companies in major science and technological breakthroughs.

Private enterprises will be supported to participate in major technological breakthroughs and take the lead in undertaking research tasks in areas such as industrial software, cloud computing, artificial intelligence (AI), industrial internet, genetics and cell medical technology, and new-energy storage, read a statement the NDRC released on Tuesday.

At a press conference held on Tuesday, an NDRC official said they will further improve the design of market access and begin revising the fifth edition of the negative list for market access. Meanwhile, the NDRC will intensify efforts to investigate, collect, report, and rectify instances of market access barriers, addressing the difficulties faced by private enterprises and creating a more equitable environment for the private economy.

The Communist Party of China Central Committee and the State Council, China's cabinet, issued guidelines on July 19 aimed at improving the business environment, enhancing policy support and strengthening legal guarantee, in order to promote the growth of the private economy.

Focusing on the guidelines, the NDRC and other departments released the latest 28 measures in five aspects, aiming to comprehensively implement guideline, Wang Shancheng, an official from the NDRC, said at the press conference on Tuesday.

Also in the promoting fair market access aspect, governmental departments will help enhance supply capacity for private enterprises in key segments of the industrial chain and supply chain, and foster a number of small and medium-sized enterprises (SMEs) characteristic industry clusters within the scope of counties nationwide. 

The NDRC jointly with China Securities Regulatory Commission will help to expand the issuance scale of Real Estate Investment Trusts (REITs) in the infrastructure sector and encourage eligible private investment projects to issue infrastructure REITs, further promoting the expansion of private investment.

The authorities also plan to promote the healthy development of the platform economy.

In addition to promoting fair access, the NDRC and other departments also vowed to strengthen support of "production factors," including land demand and electricity and water supply.

In the first half of this year, private business taxpayers, including small and micro enterprises and individual industrial and commercial households, saw a total reduction of taxes, fees, and deferred refunds amounting to 704.9 billion yuan ($98.37 billion), accounting for 76 percent of the policy beneficiaries, Dai Shiyou, an official from the NDRC detailed at the press conference on Tuesday.

Moreover, related legal safeguards will be strengthened, and the governmental departments also pledged to optimize services for enterprises and create a favorable atmosphere for the development of private companies.

Global Times