China’s State Council has vowed to remove hidden barriers holding back private investment and also address the concerns of private entrepreneurs, as the world’s second largest economy intensifies efforts to meet its annual growth target and stabilise the job market.
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The council – China’s cabinet – held an executive meeting on Friday chaired by Premier Li Qiang. The meeting emphasised the goal of creating a fair and competitive market environment, where private enterprises could invest “confidently and profitably”, state news agency Xinhua reported.
“Private investment is key to stabilising employment and the economy,” the meeting resolved, according to Xinhua.
“[We must] take practical measures to expand market access, resolve bottlenecks and safeguard their support.”
The areas of focus would include broadening investment opportunities in new quality productive forces, emerging services and new infrastructure, along with increased support through central budget allocations and other channels, the report added.
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Other suggested measures include reserving a quota of government procurement specifically for small and medium-sized enterprises, and larger allocations from the central budget to boost support for private investment projects