China to nurture and praise ‘entrepreneurial spirit’ of private economy in new action plan
- Article on the front page of the Communist Party mouthpiece, the People’s Daily, says Beijing would implement various pro-business policies to support the private economy
- Beijing released various policies last year for the key sector for growth and jobs, but private investment again fell in the first 11 months of 2023, year on year
China’s top economic planner on Tuesday pledged to further clear the way for the private economy, even though the scores of government policy support rolled out last year has yet to revive the spirits and lift investment within the key sector.
The authorities would “accelerate the legislative process for promoting the private economy, with a focus on building a legal and institutional framework to support the development of the private sector”, said the private economy development bureau under the National Development and Reform Commission (NDRC).
The new action plan was contained in an article published on the front page of the Communist Party mouthpiece, the People’s Daily.
Many economists, though, have called for meaningful action, rather than stopgap measures.
Entrepreneurial spirit will be nurtured and praised
The latest moves are intended to guarantee equal and lawful access to production factors, fair participation in market competition and equal legal protection, the NDRC bureau said.