China opens direct line with private business, who wonder when clarity and support are coming
- Country’s top economic planner is taking all suggestions into consideration, leading to private hopes of stimulus measures before an upcoming Politburo meeting
- Head of association for small and medium-sized private businesses says confidence is key, and for now there isn’t enough of it
China’s top economic planner hears the pleas of private business. It wants to make that clear as they continue to endure persistent struggles and a lack of policy awareness.
On Monday, the National Development and Reform Commission (NDRC) sat down with some prominent private firms to “listen to their operations, difficulties and suggestions”, while also discussing practical solutions to achieve the strongest possible post-Covid recovery.
The NDRC has put in place a new communication mechanism to connect with private firms, and it’s a start in the eyes of struggling business owners, giving them hope that Beijing’s policymakers will take greater measures, including the implementation of stimulus programmes before a key Politburo meeting in late July.
The NDRC will keep soliciting honest feedback directly from private enterprises while studying effective measures and working to create a good environment for them to thrive, its chairman Zheng Shanjie said at the symposium.
The five participating private firms were construction machinery producer SANY Group, home appliance producer AUX Group, YTO Express, down clothing giant Bosideng and bottled water supplier Nongfu Spring.
The private sector is a crucial driving force for economic growth and social stability, as it accounts for more than 60 per cent of the country’s gross domestic product and employs 80 per cent of the urban workforce.
However, it was also hardest hit by the three-year pandemic.
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