High-rise buildings along the Suzhou Creek in Shanghai, China, on July 5, 2023.
Tang Ying | Noor Photos | Getty Images
BEIJING — Two new policies to support non-state-owned enterprises are on the horizon, Chinese economic planners said Thursday.
While no date was specified, the policy plan came a day after China’s top party and government leadership announced lengthy “opinions” on supporting non-state-owned enterprises.
After China’s initial recovery from the epidemic, economic growth has been weak and business confidence has generally deteriorated. Internet platform companies, the education and gaming industries, and real estate developers have also been hit hard over the past three years.
But even as growth slows, issues such as long-term debt burdens make Beijing reluctant to undertake large-scale stimulus.
Li Chunlin, deputy director of the National Development and Reform Commission, said in Mandarin that the two upcoming policies will focus on promoting business investment and its overall development.
He addressed the issue of developing the non-state economy at a news conference on Wednesday.
Li Keqiang pointed out that it is necessary to “guide the society to correctly understand the contribution and important role of non-state-owned enterprises”, which shows that the political wind is changing.
In another sign of Beijing’s efforts to promote support for businesses, Tencent’s Ma Huateng wrote in an article published in state media that the support announced Wednesday showed a way forward for platform companies.
Tencent confirmed Jack Ma wrote this article.
Ma Yun said through the company’s translation: “These measures play an important role in motivating and guiding private enterprises to strengthen their confidence, move forward lightly, and develop boldly.”