China’s top economic planner on Tuesday announced a raft of detailed measures to facilitate the country’s development of the private sector, including those relating to tax reductions and supporting the platform economy.
The National Development and Reform Commission (NDRC) stressed the need to tackle problems private enterprises are facing and at the same time boost their confidence.
These detailed measures came after the Communist Party of China Central Committee and the State Council last month released general guidelines, promising to improve the business environment, enhance policy support, and strengthen the legal guarantee for its development.
Wang Shancheng, an NDRC official, said in a press conference on Tuesday that the central government has appointed the relevant ministries to take on the responsibility to supervise and implement each measure.
Meanwhile, private firms will be encouraged to participate in major national projects that are profitable and mature, issue real estate investment trust (REIT) products for infrastructure projects, and lead technological programs in key areas such as industrial software, cloud computing and artificial intelligence.
China’s authorities will continue to publish investment cases that are “green-lighted” as a reference for companies, in a bid to promote the sound development of the platform economy.
Companies will enjoy an easier process of tax reduction in research and development spending, shorter time in export rebates, and strengthened inclusive financial support.
In terms of legal guarantees, regulations and official documents violating the principle of equality for enterprises of various types of ownership will be abolished to protect the development of the private economy.
The government will improve its services to help private businesses solve difficulties, cut red tape in administrative approval, clear arrears owed to small and medium-sized enterprises, and actively engage with entrepreneurs during the policymaking process.
