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Government Further Supports Development of Private Firms

China is set to create a more favourable business environment for private companies, following a recently issued policy directive, which eases market access for private firms, reduces their tax burden and ensures equal treatment.

The directive reiterates the important role played by private enterprise in the Chinese economy, with public ownership still forming the mainstay and diverse forms of ownership developing alongside. According to the policy directive, issued by central authorities, China will strive to create a more favourable environment to support the reform and development of private companies along the principles of fair competition, following the laws of the market economy, supporting reform and innovation, and strengthening the rule of law. Policy priorities include:

  • Further ease market access for private firms
  • Implement a fair and unified system of market regulation
  • Ensure a level playing field
  • Further reduce the tax burdens on enterprises
  • Strengthen the financial and financing regime
  • Encourage private firms to take part in the country’s development

Full details can be found in the Opinions of the CPC Central Committee and the State Council on Creating A Better Development Environment to Support the Reform and Development of Private Enterprises, released in December 2019.

Source: State Council

Content provided by Picture: HKTDC Research
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