Workers use a smart robotic arm as they race to finish an elevator order that will be shipped overseas, in a factory of YidaExpress Elevator Co in Huzhou, East China's Zhejiang Province, on May 29, 2024. The elevator company now exports its products to more than 70 countries and regions. Photo: VCG

The National Development and Reform Commission (NDRC), China's top economic planner, has unveiled a comprehensive service platform on Friday aimed at bolstering the private economy, according to a statement on NDRC's website. The move is an implementation of the spirit of the China's Central Economic Work Conference and a guideline issued by Chinese authorities on boosting the growth of the private economy.

The platform is part of a broader effort to enhance the efficiency of addressing the concerns and needs of private enterprises, while showcasing policies and information involving private economy, according to the NDRC statement.

It features seven key sections, including direct access to enterprise-friendly policies, development trends and monitoring and evaluation, appeals and suggestions, private investment development, financing and cooperation, learning and training, as well as experience sharing.

According to the NDRC, it has established a multi-level mechanism for regular communication and problem-solving with private enterprises at the national, provincial, municipal, and county levels. And it is expected that the platform launch will further streamline communication channels with private enterprises, enabling a more efficient closed-loop process of problem collection, resolution, feedback, and follow-up.

The set-up of the comprehensive service platform adds to a series of recent policy initiatives by Chinese authorities aiming at encouraging private economy.

The recently concluded Central Economic Work Conference has made new, important arrangements for the private economy, with the focus on three aspects, including addressing issues related to fair competition, according to a Xinhua report on Monday, citing a senior Chinese official.

The Central Economic Work Conference said that a law on private sector promotion will be enacted in 2025. 

On Saturday, a draft of China's first basic law specifically focused on the development of the private sector will be submitted to lawmakers for its initial reading, the Xinhua News Agency reported.

Tian Yun, a Beijing-based veteran economist, told the Global Times on Friday that the concrete moves have sent a clear message on Chinese policymakers' unwavering resolution to optimize the business environment for private economy and drive high-quality development, which will further instill confidence into the recovery trajectory of the world's second-largest economy.

The law on private sector promotion is a highly-anticipated legislation that will greatly stabilize and lift up confidence among private entrepreneurs, according to Tian. "Private economy is also key to inject new impetus to China's industrial upgrade and high-quality development course," he noted. 

Global Times