Major platform companies to step up business support

The State Administration for Market Regulation called on major platform companies to step up support for individual businesses, as part of broader efforts to stabilize employment and strengthen the private sector.

Bai Qingyuan, deputy head of the SAMR, chaired a symposium in Beijing on Tuesday with representatives from small business owners, platform enterprises and financial institutions. 

Participants at the meeting included small business owners from Beijing, Shanghai, Zhejiang province, and Sichuan province, as well as representatives from firms such as Xiaohongshu, Alipay, Douyin, Pinduoduo and the Bank of China.

The meeting aimed to gather feedback on the challenges faced by individual businesses and explore practical ways for platforms to assist in their development.

"Individual businesses are a key pillar of China's private economy," the SAMR said in a statement. "Supporting their growth is vital for stabilizing employment, enterprises, markets and expectations — priorities laid out by the central government".

While China's economy continues to recover, the foundation remains fragile, and many small businesses still face considerable pressure, the regulator noted.

Platform companies — such as e-commerce, fintech, and social media firms — can play a significant role by empowering small businesses through digital tools, traffic support, and market access, SAMR said. It encouraged platforms to roll out targeted, practical measures

SAMR also provided an update on the development of a national online platform to support individual business growth.