China has set up a bureau under the country's top economic planner specializing in promoting the private economy's development amid a raft of policies to ramp up the growth of the sector.
Cong Liang, deputy head of the National Development and Reform Commission (NDRC), told a press conference Monday that the bureau was established to strengthen policy coordination in relevant areas and ensure that related measures are implemented as early as possible and achieve tangible results.
The main responsibilities of the bureau include tracking, studying, and analyzing the development of the private economy, coordinating and organizing the formulation of policies and measures to promote its development, and formulating policies to promote the growth of private investment, according to the commission.
The bureau will also be responsible for establishing a mechanism for regular communication with private enterprises, coordinating efforts to solve major problems concerning the development of the private economy, and working toward enhancing its international competitiveness.
