Eight Chinese ministries on Tuesday issued 28 measures to support the private economy, vowing to provide fair access for private firms to participate in major national projects and technological undertakings, increasing financial and land support, and strengthening legal protection of the private firms, sending another resounding signal that the country will further ratchet up support for the private sector.
The 28 measures on Tuesday came less than two weeks after the Communist Party of China Central Committee and the State Council issued a sweeping guideline on boosting the growth of the private economy on July 19. Such frequency underscores the country's unwavering support for private enterprises, contrary to "crackdown" claims hyped by foreign media outlets, analysts said. The measures are timely and very targeted, as they aim to address thorniest challenges faced by the private sector, they noted.
The growing support for the private economy also come as China is moving swiftly to boost development of various aspects of the Chinese economy, including 20 measures released on Monday to boost consumption. With all the measures targeting main growth drivers in place, the Chinese economy will likely see a stable recovery in the second half of 2023, despite internal and external challenges, analysts said, stressing effective implementation of the measures is paramount for the policies to be effective.
