Business / Economy

Experts urge government to support private sector

(Xinhua) Updated: 2014-06-13 09:38

BEIJING - Chinese experts have called on authorities to beef up support for the country's private sector amid a nationwide campaign to deepen reforms.

The private sector has grown from nothing to a necessity in China since the launch of its reform and opening-up drive more than three decades ago, Wang Yuanzhi, executive director of the All China Private Enterprises Federation, told Xinhua.

Experts urge government to support private sector
Experts urge government to support private sector
He said development of the non-public economy should not be a temporary fix for China, but a long-term strategy.

"Supporting the non-public economy remains a key task of China's current national campaign to deepen reforms," he said. "The reforms will most definitely buttress China's private sector and vice versa."

His comments came days after Chinese top political advisor Yu Zhengsheng called for an end to rules shackling private businesses and increased support for small and medium-sized enterprises.

Speaking during an inspection tour of Central China's Hubei province, Yu urged private firms to focus on innovation, nurture creative talent, increase core competitiveness and take the lead in emerging industries such as new energy and environmental protection.

He also called for further cooperation between State-owned enterprises (SOEs) and private ones.

China has more than 12 million private companies and 44.36 million individual businesses, which contribute the bulk of the country's economic performance.

According to the All-China Federation of Industry and Commerce, private business accounted for over 60 percent of the total gross domestic product in China last year.

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