China unveils guidance for supporting private sector

China unveiled a guideline to promote the development of the private sector on Wednesday, its latest step to boost support for private firms as part of the country's larger drive to revive economic recovery amid downward pressures.

The guidance details 31 measures, including improving the policies and systems for financing support, protecting private firms' property rights and the rights and interests of entrepreneurs in accordance with the law, as well as supporting platform firms' development to generate jobs and spur consumption.

China has also pledged efforts to continuously remove market entry barriers and fully implement policies for fair competition, according to the document released by the Communist Party of China Central Committee and the State Council.

Private firms, a key driving force behind China's economic ascent in recent decades, contribute more than 60 percent of gross domestic product and 80 percent of urban employment, official data showed.

According to the document, the private sector serves as a vital force in advancing Chinese modernization and building China into a great modern socialist country in all respects, and the country seeks to foster its healthy and high-quality development.

China will guarantee private firms' need for talent, encourage the innovative development of the platform economy and continuously optimize the system for protecting intellectual property.

More efforts will also be made to encourage private firms to increase spending on research and development and make key technological breakthroughs, speed up digital and technological transformation, encourage private firms' expansion of overseas business, promote the healthy development of the private sector and guide public opinion to create a supportive environment for the private sector.

The National Development and Reform Commission, the nation's top economic regulator, held three symposiums on July 3, 10 and 17 to address private enterprises' concerns and support their sustainable development.