Latest news with #ZhengBei
RTHK
08-05-2025
- Business
- RTHK
Private economy law 'to bring new growth momentum'
Private economy law 'to bring new growth momentum' Vice Minister of Justice Wang Zhenjiang says the law clearly sets out the legal status of the private economy in the country. Photo: RTHK National Development and Reform Commission deputy head Zheng Bei says officials will ensure private firms enjoy equal market access as state-owned enterprises. Photo: RTHK Chinese legislative and economic authorities pledged on Thursday to firmly implement the newly passed private economy promotion law to safeguard the rights of enterprises, saying it will unleash new growth momentum. The 78-article bill, which was passed last week and is set to take effect on May 20, includes measures to combat choke points hindering the private sector, such as ensuring equal market access, finance support and legal protection. Vice Minister of Justice Wang Zhenjiang said in Beijing the law clearly defines the legal status of private economy in the country. He also vowed to resolutely implement "targeted measures" listed in the bill, such as ramping up enforcement to combat arbitrary fines and fees. "The Private Economy Promotion Law clearly stipulates that a sound complaint and reporting mechanism for violations should be established," Wang said. "The ministry of justice will use the introduction and implementation of the law as an opportunity to urge all regions and departments to intensify investigations and punishment of any violations, strengthen investigations and rectification of problems and ensure that rectification takes place. "At the same time, key regions, areas and issues should be selected for spot checks," he said. For his part, Zheng Bei, the deputy head of the National Development and Reform Commission, said the country's economic planner would boost efforts to ensure that private companies enjoy equal market access as state-owned enterprises – as stipulated in the law. Noting that the rate of the winning tender bids that were lodged by private firms had increased by five percentage points between January and April, compared to the same period last year, she said authorities encourage private firms to join more of the large-scale national projects that are set to be launched this year, with the worth of the projects amounting to three trillion yuan. "If private enterprises encounter barriers to entry, they can log in to our commission's website and report it via the relevant channel, and we'll work with the relevant parties to investigate and verify the issue," she said. "We [also] support private enterprises that wish to actively participate in national strategic mega projects and the 'two new' programmes involving industrial upgrades and consumer trade-ins," she added. Echoing Zheng, Wang Ruihe, deputy director of the National People's Congress Standing Committee's Legislative Affairs Commission, China's highest legislative body, pointed to more than 26 references to "equal treatment and fair access" in the law. Also attending the event were officials from National Financial Regulatory Administration (NFRA) and the All-China Federation of Industry and Commerce. The NFRA stressed that authorities have been rolling out credit and loan support for small and micro private entities, such as offering discounts and relaxing the tolerances for non-performing loan ratios.
South China Morning Post
30-03-2025
- Automotive
- South China Morning Post
China pledges stricter EV market oversight to curb unfair price cuts and boost industry
China has pledged to improve oversight of the country's electric vehicle (EV) market to curb undercutting and boost the industry's overall fortunes, where only three EV makers are currently profitable. Advertisement Zheng Bei, deputy head of the National Development and Reform Commission (NDRC), mainland China's economic planning agency, told the China EV 100 forum in Beijing at the weekend that companies resorting to unfair competition would be taken to task if their price cuts were considered unreasonable. The unfair practices also include the publication of false information to mislead consumers and smear campaigns. 'We will collaborate with the relevant authorities to implement the policies,' Zhang said. 'To maintain market order, price monitoring will be strengthened and carmakers are urged to conduct self-discipline [in adjusting prices].' The CPCA has raised its forecast for EV sales on the mainland to 16.1 million units this year, up 3.5 per cent from last year. Photo: Xinhua Zheng did not say what kind of punishments the companies would face.
South China Morning Post
18-02-2025
- Business
- South China Morning Post
China follows up fast on Xi's pledge for private sector support
One day after a high-profile symposium hosted by President Xi Jinping and attended by China's leading entrepreneurs, Beijing has unveiled new measures in support of the private sector – an act the president explicitly backed in his speech. Legislation to promote the private economy is also set for a second review later this month, both positive signals from authorities that stable growth of the country's privately owned firms is a major priority. According to a Tuesday announcement from the National Development and Reform Commission (NDRC) – China's top economic planner – the government will expedite planned updates to the country's negative list . The list enumerates the sectors of the economy restricted to foreign and private investment, with everything not included considered fair game by regulators. 'The political, economic and social environments are highly favourable for the development of the private economy, providing a timely opportunity for private enterprises and entrepreneurs to make their mark,' said Zheng Bei, deputy head of the NDRC, in an interview with state broadcaster CCTV. The commission also said private companies will be encouraged to actively participate in trade-in programmes and the construction of large-scale projects. The government has previously pledged to guarantee open competition between private and public firms for infrastructure contracts, part of an overall plan to ensure businesses of all ownership structures are given equal treatment under the law. 01:18 Chinese President Xi Jinping holds rare meeting with China's top entrepreneurs amid US tech rivalry Chinese President Xi Jinping holds rare meeting with China's top entrepreneurs amid US tech rivalry
