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Ministry pledges backing for private sector

Liu Zhihua and Zhong Nan
Updated: Nov 16,2018 10:19 AM     China Daily

The Ministry of Commerce would provide full support for the development of private enterprises, and would launch more pragmatic measures so that the private economy will make more contributions to “promoting consumption, expanding foreign trade, attracting global investment and encouraging capable companies to conduct going global activities,” Commerce Minister Zhong Shan said on Nov 14.

He made the remarks following a symposium on private enterprises held earlier this month, at which President Xi Jinping said China will unswervingly encourage, support and guide the development of the nonpublic sector and support private enterprises to develop toward a broader stage.

“The ministry will encourage private enterprises to participate in trade fairs, take part in the Belt and Road Initiative, and go to free trade zones and overseas economic and trade cooperation zones,” Zhong said.

“The ministry will also give them better policies, including the implementation of policies on export rebates, trade financing and trade facilitation,” he said.

A more amicable environment will be created for the better development of private enterprises by further relaxing market access, improving filing-based management and promoting fair law enforcement, according to Zhong.

Since the implementation of the reform and opening-up policy, private enterprises have become a major force for commercial development, accounting for 90 percent of domestic trade, 48 percent of exports and 49 percent of overseas investment, Zhong said.

Statistics from the National Development and Reform Commission also showed that by the end of 2017, the number of private enterprises in China exceeded 27 million, and the private economy accounted for more than 60 percent of the nation’s GDP.

“The ministry will continue to take multiple measures and focus on optimizing the foreign trade development environment for private enterprise … support them to explore overseas markets and search for new methods of product distribution to expand consumption,” Zhong said.

It will improve the foreign trade development environment for private enterprises through enforcing existing policies and measures, making new policies and measures, building bases, platforms and international marketing network to help private enterprises transform, upgrade and enhance international competitiveness, and promoting cross-border e-commerce.

It will guide private enterprises to go out in an orderly manner and actively participate in economic and trade cooperation alongside the Belt and Road countries and regions.

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