An intelligent production line of a photovoltaic enterprise in Yangzhou, East China's Jiangsu Province Photo: VCG

China unveiled a series of measures at a press conference on Monday aimed at strengthening support for enterprises as part of a broader package of policy designed to further stabilize growth.

Luo Wen, head of the State Administration for Market Regulation, announced at the press conference that China is accelerating the introduction of the law on private sector promotion to optimize the development environment for the private economy, ensure fair market competition for various types of economic entities and promote the sound development of private businesses and entrepreneurs.

Currently the draft law is open for public comment through November 8, 2024.

The administration will step up efforts to clear and eliminate regulations that discriminate against and differentiate between enterprises of various ownerships, sizes, and geographical locations.

Luo also emphasized the importance of providing targeted support for different types of businesses, particularly focusing on addressing the practical difficulties faced by small and micro enterprises in their operations. 

The administration aims to enhance assistance for individual business owners through tailored support measures and promote coordinated development between platform enterprises and the merchants within those platforms.

By intensifying support for enterprises, we can effectively stimulate market vitality and social creativity, driving high-quality economic development, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Monday.

Particularly, measures aimed at supporting small and medium-sized enterprises (SMEs) are crucial for enhancing the endogenous momentum of economic growth. SMEs serve as a vital channel for job creation; therefore, increasing assistance to these businesses can promote their development, stabilize employment, boost incomes, and ensure the well-being of the populace," Wang noted.

The measures aimed at supporting enterprises are expected to align with previous policy packages to bolster economic growth as well as promote sustained development, Wang said.