A complete vehicle production line at a new-energy vehicle factory in Hefei, East China's Anhui Province. Photo: Xinhua

China's top economic planner on Monday asked for greater measures to translate requirements for the equal treatment of state-owned and private enterprises into institutional and legal measures, and it vowed to accelerate policy support and create a better public opinion climate in bolstering the growth of the private economy. 

It also called for efforts to coordinate solutions to address constraints on the overall and individual levels hindering the development of the private economy.

The remarks were made at the national development and reform work conference held in Beijing from Sunday to Monday, during which relevant authorities reviewed the development and reform work in 2023 while deploying key tasks for 2024, according to a statement on the website of the National Development and Reform Commission (NDRC).
The meeting also vowed to further strengthen economic analysis and policy research to consolidate and enhance the positive trend of the economic recovery, and to enhance economic monitoring, forecasting, early warning and policy research reserves. 

Efforts are required to innovate and coordinate policy tools, intensify macroeconomic regulation, strengthen policy coordination and planning, enhance evaluation and supervision, and effectively communicate and interpret economic situations and policies, the NDRC said.

Observers noted that the latest arrangement has sent a reassuring signal to private players that the country is resolved to improve the business environment, and that support for private companies, which is a crucial driving force for the country's economic output, will remain among the nation's top priorities in the year ahead.

On November 27, China's central bank and other government agencies announced 25 measures to step up financial support for the private sector, including efforts to diversify financial channels for private businesses, in yet another crucial step to boost the private economy amid challenges.

China announced in September that it had set up a bureau specializing in promoting the private economy's development under the NDRC. The new bureau will strengthen policy coordination in relevant areas, and ensure that relevant measures are implemented as soon as possible and achieve tangible results. 

A regular communication mechanism with private firms will be a duty of the new bureau for private economy development, so as to listen to their major concerns and figure out solutions.

While some foreign media outlets have been hyping claims about China's support for private businesses, Chinese policymakers have repeatedly and unequivocally shown unwavering support for the private sector, which plays a crucial role in China's overall economic development. The private sector accounts for about 60 percent of China's GDP and 80 percent of urban employment.

Global Times