China’a top market regulator released a package of 22 measures to boost the development of the private economy, including strengthened anti-monopoly law enforcement, risk research and early warning for overseas investment and mergers and acquisitions.
The 22 measures focus on five aspects, including the continuous improvement in the environment for development, increased policy support, strengthened legal guarantee, boosting to realize high-quality development as well as creating a social atmosphere that cares about the development and growth of the private economy, according to the document released by the State Administration for Market Regulation (SAMR) on Friday.
The measures will greatly enhance the enthusiasm and initiative of private companies to seek development, reform and innovation and usher in a broader development stage for the private economy, the SAMR said.
SAMR vowed to continue to remove barriers to market access and implement a fair competition policy system and to support the participation of private enterprises in the formulation of standards.
On September 4, China’s top economic planner set up a bureau for private enterprises, which has played an increasingly pivotal role in spurring economic growth.
In July, China issued a 31-measure guideline on promoting the development of the private economy to boost the high-quality growth of the private sector, further boosting market confidence and consolidating the foundation for economic recovery.
According to data from China’s top economic planner, the private economy contributes more than 50% of tax revenue, more than 60% of GDP, more than 70% of technological innovation and more than 80% of urban labor employment.
By 2022, private companies accounted for 93.3% of total in terms of number. Meanwhile, private enterprises also accounted for 50.9% of China’s exports.