Private sector playing key role in growth

China signals strong dedication to fostering high-quality development of nonpublic economy via targeted policy measures

China's unswerving support for the private sector will significantly boost confidence and expectations among entrepreneurs, and revitalize the growth of the world's second-largest economy, while motivating private enterprises to play a bigger role in driving technological innovation and industrial upgrades, said economists, industry experts and company executives on the sideline of the ongoing two sessions.

They noted that the country has sent a strong signal that it is dedicated to fostering the healthy and high-quality development of the private sector by rolling out targeted measures to deal with the difficulties and issues faced by private enterprises, and create a fairer and more dynamic business environment.

Highlighting that private enterprises have become the main force in nurturing new quality productive forces, and promoting the development of strategic emerging industries and future-oriented industries, they called for more efforts to further ease market access restrictions, expand financing channels for private enterprises and reduce financing costs, as well as optimize policies on tax and fee reductions.