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Contributing about 60 percent of the Chinese mainland’s GDP, the private sector plays a pivotal role in the nation’s economy.
According to the latest data from the National Bureau of Statistics, China’s GDP expanded by 5 percent in the first half of 2024. The country’s total import and export of goods have grown rapidly, and its trade structure has continued to improve. From January to June, imports and exports of private enterprises increased by 11.2 percent compared to the same period last year, accounting for 55 percent of the country’s total trade.
This surge reflects how China’s private sector is gaining momentum, buoyed by an array of policies and measures introduced since 2023 to promote high-quality development of the private economy.
Following a general guideline released last July, the National Development and Reform Commission (NDRC), China’s top economic planner, along with several other government agencies, unveiled a series of detailed measures to boost private sector confidence.
These measures address prominent challenges facing private enterprises, including ensuring fair market access, providing stronger financial support and legal guarantees, and enhancing government services.
Notably, China has established a bureau specializing in promoting the private economy’s development. Operating under the NDRC, this bureau aims to strengthen policy coordination in relevant areas, ensuring that related measures are implemented promptly and yield tangible results.
The bureau is responsible for setting up a mechanism for regular communication with private enterprises. It will coordinate efforts to solve major problems concerning the development of the private economy and work toward enhancing its international competitiveness.
For global readers, business professionals, and investors, these developments signify China’s commitment to fostering a supportive environment for the private sector. Academics and researchers may find the evolving policies a rich field for analysis, while members of the Asian diaspora can take pride in the region’s dynamic economic progress.
Reference(s):
cgtn.com
