Latest news with #LiuMin
Ammon
30-04-2025
- Business
- Ammon
China's landmark private sector promotion law to fortify economy resilience, vitality
Ammon News - China's top legislative body passed the private sector promotion law on Wednesday, establishing a legal backing for the steady and healthy growth of the vast sector, including more than 57 million private firms and over 100 million self-employed individuals. As China's first fundamental legislation dedicated to the private sector, the new law will bolster confidence among the vast community by improving the business environment, fostering innovation, and ensuring fair competition key steps to sustaining high-quality growth in the world's second-largest economy amid growing external uncertainties, experts noted in the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency. STRONG SHOT OF REASSURANCE China's socialist market economy operates under a framework where public ownership, manifested by entities such as state-owned enterprises, is the mainstay while multiple forms of ownership coexist. The private sector, including private enterprises and individual businesses, is a major component of the non-public economy. The new law enshrines into legal doctrine the long-standing principle of "unswervingly consolidating and developing the public sector and unswervingly encouraging, supporting, and guiding the development of the non-public sector." It also explicitly states that promoting the private sector's sustained, healthy and high-quality development is a long-term major national policy. It marks the first time these principles have been codified, providing stronger legal protection for private businesses, according to Yang Heqing, an official with the Legislative Affairs Commission of the National People's Congress Standing Committee. "The legislation reflects China's clear stance and firm resolve to support private-sector growth," said Liu Min, deputy director of the National Development and Reform Commission's private economy development bureau, a new institution set up in 2023 by the country's top economic planner to coordinate efforts to facilitate private-sector development. The passing of the law was warmly welcomed by many entrepreneurs. The law transforms policy support into legal guarantees, giving entrepreneurs greater reassurance and motivation to keep moving forward, said Qi Xiangdong, chairman of cybersecurity firm Qi-Anxin and vice chairman of the All-China Federation of Industry and Commerce. "The rule of law is the best business environment," Qi said. ALL-ROUND, TARGETED PROMOTION The legislation takes direct aim at some of the biggest challenges facing private businesses, with specific mandates to address the community's major concerns. From ensuring fair market access and financing opportunities to enhancing services and promoting standardized operations, the legislation provides concrete measures to encourage, support, and guide private-sector growth. "The law adopts a problem-oriented approach," Yang noted, as both external factors and internal weak links affecting the private sector's development have been taken into consideration. By incorporating lessons from past reforms and practical experience, the law refines relevant institutions and measures and ensures alignment with existing laws, Yang said. Qi, a veteran entrepreneur, highlighted the law's focus on scientific innovation and facilitating financing for the private sector, which is critical for sectors like cybersecurity, where long development cycles require stable cash flow. China in recent years has stepped up efforts to channel more financing support to the private sector, most of which are small and medium-sized enterprises (SMEs). As of the end of March, the outstanding amount of inclusive micro and small loans increased by 12.2 percent year on year, with loans to technology-based SMEs growing by over 20 percent. BIG ROLE TO PLAY AHEAD The law was timely for China's economy, which faces increasing impact from external shocks. Boosting the private sector, a heavyweight in manufacturing, digital economy, green tech and many other fields, is seen as essential to consolidating the country's sustained economic recovery. In 2024, private enterprises contributed over half to China's foreign trade and tax revenue, while accounting for more than 80 percent of urban employment. More importantly, they are playing a major role in sharpening the country's innovation edge, generating over 70 percent of China's technology innovation achievements. "The private sector is a vital force in advancing China's modernization and serves as an important foundation for the Chinese economy's high-quality development," said Sheng Laiyun, deputy head of the National Bureau of Statistics. China's private sector has posted positive growth momentum recently, echoing the overall upward economic trajectory. In the first quarter (Q1), some 1.98 million new private enterprises were registered nationwide, marking a year-on-year increase of 7.1 percent, surpassing the average growth rate of the past three years. Investment by the private sector reversed its decline from the previous year by increasing 0.4 percent year on year in Q1. Official data released on Wednesday showed that business confidence of China's manufacturing and service enterprises remain robust, with their index gauging business expectations both remaining in the expansionary territory in April. Qi said the company will focus on what high-tech firms do best innovating, upgrading industries, and competing globally. "We're now better positioned to become a more creative, competitive, and responsible driving force in this new era."
The Star
30-04-2025
- Business
- The Star
China Economic Roundtable: China works to ensure fair competition for all market players
BEIJING: China's newly adopted private sector promotion law underscores the country's commitment to fostering an equitable competitive environment for all market participants, according to an official of the country's top economic planner. Speaking on the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, Liu Min, deputy head of the National Development and Reform Commission's private economy development bureau, emphasised that the aim of the law, which was approved on Wednesday (April 30), is to enable economic entities with diverse ownership structures to compete on a level playing field. The legislation reinforces China's adherence to the principles of equality, fair competition, equal protection and shared development to bolster the private sector's growth, Liu noted. The commission will collaborate with other government bodies to implement the latest version of the national market access negative list, which has been streamlined from 117 to 106 items. "The shorter the list, the more vibrant the market," Liu said when highlighting the connection between regulation and market dynamism. China will also intensify efforts to eliminate market access barriers and enhance support for private enterprises, including support in the areas of finance, talent and technology, the official added. - Xinhua
Borneo Post
30-04-2025
- Business
- Borneo Post
China works to ensure fair competition for all market players
Liu emphasises that the aim of the law, which was approved today, is to enable economic entities with diverse ownership structures to compete on a level playing field. – Xinhua photo BEIJING (April 30): China's newly adopted private sector promotion law underscores the country's commitment to fostering an equitable competitive environment for all market participants, according to an official of the country's top economic planner. Speaking on the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, Liu Min, deputy head of the National Development and Reform Commission's private economy development bureau, emphasised that the aim of the law, which was approved today, is to enable economic entities with diverse ownership structures to compete on a level playing field. The legislation reinforces China's adherence to the principles of equality, fair competition, equal protection and shared development to bolster the private sector's growth, Liu noted. The commission will collaborate with other government bodies to implement the latest version of the national market access negative list, which has been streamlined from 117 to 106 items. 'The shorter the list, the more vibrant the market,' Liu said when highlighting the connection between regulation and market dynamism. China will also intensify efforts to eliminate market access barriers and enhance support for private enterprises, including support in the areas of finance, talent and technology, the official added. – Xinhua China China Economic Roundtable private sector promotion law Xinhua
Borneo Post
25-04-2025
- Business
- Borneo Post
China adopts multiple measures to boost support for private companies
Guest speakers exchange views at the recording site of the 15th episode of the China Economic Roundtable. – Xinhua photo BEIJING (April 24): China is implementing a series of targeted measures to foster a favorable environment for private enterprises and promote growth in the private sector, said an official with the country's top economic planner. These initiatives focus on easing financing constraints, boosting investment, promoting trade, enhancing talent development and encouraging innovation, said Liu Min, deputy head of the private economy development bureau under the National Development and Reform Commission, during the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency. The private sector plays a key role in China's economy, making up more than 90 percent of all businesses nationwide and contributing to over 70 percent of the country's technological innovation. In February this year, the country held a high-level symposium on private enterprises, signaling strong support for the sector. Liu said China is taking concrete steps to strengthen legal protection for its private sector, with legislative work on the private economy promotion law accelerating. This draft legislation, set to become China's first fundamental law dedicated to the private sector, has already undergone two reviews by Chinese lawmakers. China also encourages greater private sector participation in major national projects and programs, Liu added. To address the issue of overdue payments, the country will tighten punitive measures against defaulters, with a particular focus on payments owed to private enterprises. Liu highlighted efforts to strengthen communication with private enterprises. A comprehensive service platform for private sector development, launched in December, has recorded 180,000 visits over the past four months. By the end of March, the platform had received nearly 2,000 submissions from private firms, raising matters such as policy recommendations, access to production factors, overdue payments and intellectual property disputes. Each submission is dealt with via a structured workflow process of collection, handling, feedback and follow-up, in an effort to respond to the concerns of private companies, Liu said. – Xinhua China economy private sector Xinhua
Borneo Post
25-04-2025
- Business
- Borneo Post
China's policy support boosts private sector's healthy development
The sector, constituting more than 90 per cent of enterprises in the world's second-largest economy, has forged ahead with steady expansion as the country reaffirms unswerving support for the sector's growth amid challenges and difficulties. – Xinhua photo BEIJING (April 24): China's private sector saw robust industrial output growth in the first quarter of 2025, with its investment in manufacturing and innovation-driven development also accelerating. The sector, constituting more than 90 per cent of enterprises in the world's second-largest economy, has forged ahead with steady expansion as the country reaffirms unswerving support for the sector's growth amid challenges and difficulties. In the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, guest speakers focused on the important messages from a high-level symposium on private enterprises held in February, sharing insights on the private sector's challenges and opportunities. Their discussions also shed light on the sector's broad development prospects and immense potential. Unswerving support for the private sector Guest speaker Liu Min, deputy head of the private economy development bureau under the National Development and Reform Commission (NDRC), China's top economic planner, told Xinhua that China's private sector has supported overall national economic growth with a solid performance in the first quarter of 2025. Meanwhile, the symposium — attended by top Chinese leaders and representatives of private enterprises — has demonstrated the firm determination of the Party and the country to promote the private sector's development. 'A clear message from the meeting is that the importance of the private sector in the Chinese economy cannot and will not be changed,' according to guest speaker Zhu Min, a member of the Senior Expert Advisory Committee of the China Center for International Economic Exchanges. He said the meeting has conveyed the message that full support from all levels of government is to be provided to promote the sector's healthy development. Official data shows that in the first quarter of 2025, the value-added industrial output of private enterprises increased 7.3 per cent year on year, outpacing the growth rate of all industrial enterprises; private investment grew 0.4 per cent year on year, shifting from a decline in 2024. Notably, private investment in the manufacturing sector grew by 9.7 per cent. Meanwhile, the import and export volume of private enterprises rose 5.8 per cent in the first quarter. As a representative of private entrepreneurs who spoke at the symposium, Liu Yonghao, chairman of New Hope Group, a leading agricultural conglomerate in China, said at the roundtable that he felt deeply encouraged by the support the country has pledged for the private sector, saying that private firms must strive for new achievements by tapping into new quality productive forces and advanced technologies. Tan Limin, chairman of Westwell, a Chinese tech firm engaged in AI applications and autonomous driving solutions, said the symposium has also shown the importance the government attaches to tech companies in the private sector, which would encourage private firms to continue with more investment in technological innovation. Private economy expands amid supportive measures Private enterprises in China continued to expand steadily in the first quarter of 2025 amid government efforts to spur growth in both the private sector and the broader economy. Newly established private firms numbered nearly 2 million during the period, marking an increase of 7.1 per cent year on year, official data showed. Over 40 per cent of the newly established private firms during the January-March period were related to new technologies, products, business forms and models, the data showed. Currently, private enterprises contribute 70 per cent of technological innovation in the country. Liu Min said the government has intensified efforts to strengthen and optimise the supervision mechanism related to administrative charges levied on enterprises, address overdue payments owed to private enterprises, and continue efforts to ensure fair private sector access to competitive infrastructure and major national scientific research facilities. The government on Thursday published a new version of the market access negative list, which further reduced the number of items on the list from 117 to 106, a decrease of 11 items. 'Legislative work regarding the private economy promotion law is being accelerated, with the draft law expected to be submitted to lawmakers for a third reading,' she said. The proposed legislation, set to become China's first fundamental law dedicated to the private sector, explicitly defines the private sector as a vital pillar of China's socialist market economy, with observers expecting it to boost entrepreneurial confidence and encourage long-term investment. Zhu said that Chinese private enterprises are highly competitive. He observed that over the past few years, Chinese private enterprises have sought to reduce costs and improve quality, with their share in the country's total import and export volume having increased to over 56 per cent, demonstrating resilience. However, in the face of high tariffs, it is important that the country offer multi-pronged support for private enterprises through boosting domestic demand and providing financing support to help them navigate the challenge, said the economist. Broad development prospects Guest speakers have voiced optimism in the Chinese private sector's development prospects, believing that the huge Chinese market with over 1.4 billion people represents ample business opportunities for private enterprises. Liu Min said that Chinese private enterprises are stepping up technological and industrial innovation efforts, as traditional industries are steadily evolving to high-end, intelligent and green, and strategic emerging industries such as AI, embodied robotics, commercial aerospace, and biomedicine, as well as the cultural sector, are thriving. Liu Yonghao said there is great potential for traditional industries to upgrade by developing new quality productive forces. He gave an example of his firm's investment in digitisation and smart technologies applied in cold chain logistics, which have greatly helped protect the quality of perishable food products and mitigate waste. He made the company a leader in this business segment in the country. Tan of Westwell said that by sticking to technological innovation for a decade, his company's AI and autonomous driving technologies and solutions have entered the markets in 28 countries and regions, helping revolutionise container logistics with its AI-empowered digital and intelligent services. According to Zhu, over the past 40-plus years, China's private enterprises have grown rapidly, and there will be great opportunities in areas such as AI software development, new manufacturing, green development, and the service industry going forward. 'I am very optimistic about the prospects of Chinese private enterprises.' – Xinhua China economy private sector Xinhua
