China is taking significant strides to bolster the confidence of its private sector, which contributes approximately 60% to the nation's GDP. According to the latest data from the National Bureau of Statistics, China's GDP surged by 5% in the first half of 2024.
The country's import and export activities have experienced rapid growth, with private enterprises leading the charge. From January to June, imports and exports of private businesses increased by 11.2% compared to the same period last year, accounting for 55% of the total trade.
Since 2023, a series of policies and measures have been introduced to promote the high-quality development of the private economy. In July, the National Development and Reform Commission (NDRC), China's top economic planner, along with other government agencies, unveiled detailed strategies aimed at boosting the private sector's confidence.
These measures focus on ensuring fair market access, providing stronger financial support and legal guarantees, and improving government services. Additionally, China has established a specialized bureau under the NDRC to promote the development of the private economy. This bureau is tasked with enhancing policy coordination, facilitating regular communication with private enterprises, addressing major challenges faced by the private sector, and increasing its international competitiveness.
Reference(s):
cgtn.com
