China Focuses More on Private Sector as State Planner Meets with 30 More Companies in July

BEIJING, July 27 (TiPost)— China ramped up communication with businesses, reflecting its increasing focus on private sector as the key pillar to shore up the world’s second largest economy.

Credit：Xinhua News Agency

The National Development and Reform Commission (NDRC), China’s top economic planner, has held meetings with representatives from at least 30 private businesses since July 3, Chinese digital newspaper The Paper estimated. With back-to-back meets and on-site visits to private companies, six the state planner, led by six senior officials, learned about real considerations of a wide range of entrepreneurs, and seriously worked on how to address difficulties and deal with suggestions raised by these businessmen.

Zheng Shanjie, head of the NDRC, hosted three meetings on July 3, 10 and 17. Companies of different scale and from different regions in Eastern, Central and Western China were invited. The invited enterprises came from various sectors, ranging from equipment manufacturing, iron and steel smelting, textile and clothing, food processing, new energy, postal express, Internet information to catering.

Li Chunlin, a vice chairman of the NDRC, held meetings with representatives from private companies including online freight platform operator Huolala and furniture maker Markor. Li traveled to Xinjiang Uyghur Autonomous Region, Fujian Province and other places to meet with private businesses to learn about how they felt under the current macroeconomic environment, what were their judgments on it and the specific difficulties they faced, as well as the policy suggests they wanted to propose, according to the NDRC.

Yang Yinkai, another vice chairman of the NDRC, met with YTO Express and other logistics companies to learn about the opinions and suggestions of private firms on the express logistics industry. Guo Lanfeng, a member of the Communist Party of China (CCP) Leadership Group of the NDRC, visited the Zhongguancun Robot Industry Innovation Center in Beijing and met with private enterprises to listen to suggestions from the robot sector. At a recent meeting Cong Liang, also a member of the CPC leadership Group and a vice chairman of the NDRC, had in-depth discussions and exchanges with six manufactures including Hengrui Pharmaceuticals, Nio Inc and TCL Group, and listened to their real feelings about the current economic situation and suggestions on policy responses. 

NDRC’s intensive meeting highlighted great importance of the private sector that Chinese policymakers attached to. At a symposium on the economic situation held on July 6, Chinese Premier Li Qiang urged authorities to establish and improve the regular communication mechanisms between the government and enterprises such as private businesses and foreign firms. Listened to opinions and suggestions from experts and scholars on the country’s economy and work, the premier said learning about the latest situations and fine-tuning policy measures in a timely manner can help boost market confidence and anchor expectations. Li stressed importance of an effective policy mix, and said targeted and coordinated policy measures should be introduced and implemented in a timely manner to stabilize growth, ensure employment, and guard against risks.

The Communist Party of China Central Committee and the State Council released a guideline to bolster the private sector. The guideline proposed a series of measures to help private companies to increase their international competitiveness, such as to support their R&D expansion into key components and high-end finished products, to facilitate their operation expansion overseas, to give more support for their protection from trade protectionism, unilateralism and other external challenges, to formulate the collaborative risk management mechanism across authorities for the personal and property safety of entrepreneurs.

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