China puts private sector front and centre in fresh vows to stabilise and bolster economy
- Two-day tone-setting economic work conference shows how priority is increasingly being shifted to economic growth, even as coronavirus cases continue to surge nationwide
- Leadership is looking to bolster the digital economy while supporting platform companies in enhancing development, creating jobs and competing in the global market
China is determined to show it is going all out to get the economy back on track, and leadership is backing up that intention with a strong message of support for the nation’s struggling private sector.
Fresh vows at the annual tone-setting central economic work conference also highlight how policymakers will prioritise restoring and expanding domestic consumption next year, deeming this a critical task in stabilising the overall economy, according to a statement from the two-day conference that concluded on Friday.
Leadership stressed the importance of equal treatment for the private sector – which has been slammed by strict coronavirus controls and regulatory crackdowns in recent years – and vowed to address the concerns of foreign investors, in line with efforts to dismiss lingering concerns over policy uncertainties and unpredictability.
The message came as the world’s second-largest economy is looking to emerge from three years of pandemic-induced disruptions and upheavals while weathering an increasingly challenging external environment that includes containment efforts by the United States, geopolitical tensions and a potential global recession.
Beijing also pledged to optimise and adjust coronavirus controls next year and said China will strengthen the coordination and implementation of its Covid-19 policy to ensure a “smooth” transition with social order during the current outbreak.
“We will improve the coordination of Covid controls and economic growth,” the official Xinhua reported on Friday, citing the statement. “It is very important to ensure stability in the economy and keep economic performance within a reasonable range.”