BEIJING, July 19 (Xinhua) — Chinese authorities have issued a guideline on boosting the growth of the private economy, promising to improve its business environment, enhance policy support, and strengthen the legal guarantee for its development.
The document was released by the Communist Party of China Central Committee and the State Council.
The country will help grow, improve and strengthen the private economy so that it can play a bigger role in advancing national rejuvenation, the document said.
To provide an improved environment for the private economy, China will work to remove barriers in market access and fully implement policies and mechanisms for fair competition.
The country will protect intellectual property rights, the property rights of private firms, and the legitimate rights and interests of entrepreneurs as part of the legal guarantee for the growth of the private economy.
More policy support will be provided to facilitate financing for companies and meet labor demand, according to the guideline.
In promoting the high-quality development of the private economy, the country will encourage private companies to accelerate their digital transformation and invest more in research and development.
The guideline also pledged measures to promote entrepreneurship in the private economy, and measures to create a nurturing social environment for the private economy.