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Eight Chinese government departments on Tuesday released a package of 28 measures to support the private economy, vowing to provide fair access for private firms to participate in major national projects and technological undertakings and increase financial support.
The measures include providing fair market access, stronger financial and land support, greater legal protection, better government services, and better business environment, according to a statement released by the departments including the National Development and Reform Commission (NDRC), the top economic planner,
The scale of issuance of real estate investment trusts (REITs) in the infrastructure sector will be expanded and qualified private companies and private investment projects are encouraged to issue REITs, in a bid to boost private investment, according to the statement.
The new model of central-local cooperation for providing credit enhancement for private companies’ bonds will be extended to all types of private companies that meet issuance requirements, forming more demonstration cases as soon as possible, it said.
A list of major national projects that are profitable and mature will be formed, in which private firms are encouraged to invest, and private firms are also encouraged to participate in major science and technological projects and lead missions to tackle core sci-tech areas such as industrial software, cloud computing and artificial intelligence, it said.
It will extend the term of the inclusive micro-credit support tool till the end of 2024, and continue to increase the support for inclusive finance, with lenders to be guided to access financing credit service platforms such as CELoan and local credit reference platforms.Â
The authority vowed to strengthen inter-departmental credit information connection, expand the scale of credit loans for private enterprises, and effectively implement management systems for writing off bad debts of financial enterprises.
It stressed importance of enhancing the supply capacity of private enterprises in the key links of the industrial supply chain, and cultivating industrial clusters of small and medium-sized firms in the rural regions. Healthy development of the platform economy should be promoted and “greenlighted” investment cases for platform enterprises would be continuously publicised.