Expansion of resources for non-SOEs high on agenda

China has strengthened financial support measures to promote the robust growth of the private economy, with expanding financing channels for private enterprises high on its work agenda. Experts said the measures will help optimize the allocation of financial resources, shore up market expectations and help sustain the momentum of economic recovery.

The People's Bank of China, the country's central bank, along with seven departments, rolled out the 25 steps in late November to better underpin the development of the private economy. Many private businesses across various sectors greatly contribute to tax revenue, gross domestic product, technological innovation and job creation, which makes the private economy a pillar of China's economy.

Private enterprises have also become a significant force in the country's A-share market, with 3,368 nonfinancial listed companies. Given their sizable scale, there is still substantial room for improvement in terms of bank lending to them, said Zhang Jun, chief economist at China Galaxy Securities.