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China says two policies to support business are coming soon.

High-rise buildings are seen along Suzhou Creek in Shanghai, China on July 5, 2023.

Ying Tang | norphoto Getty Images

BEIJING — China’s economic planner said Thursday that two new policies to support non-state businesses will soon be launched.

Although he did not specify a date, the policy plans came a day after China’s top party and government leadership announced a lengthy “opinion” on support for non-state-owned businesses.

Business sentiment has soured amid generally weak economic growth since China’s early recovery from the pandemic. The last three years have seen a heavy crackdown on internet platform companies, education and gaming sectors as well as real estate developers.

But despite slowing growth, a long-standing debt burden, among other problems, has made Beijing reluctant to embark on massive stimulus.

Li Chunlin, deputy director of the National Development and Reform Commission, said the two upcoming policies will focus on promoting business investment and their overall development, as translated by CNBC.

He was addressing a press briefing on Wednesday regarding the development of the non-state-owned sector of the economy.

Read more about China from CNBC Pro

In an indication of the changing political winds, Li noted the need to “guide society to have a proper understanding of the contribution and important role of non-state-owned businesses.”

In another sign of Beijing’s efforts to communicate its support for business, Tencent’s Pony Ma wrote in an article published by state media that Wednesday’s announcement of support gives platform companies a way forward.

Tencent confirmed. Mother wrote the article.

“These measures play an important role in encouraging and guiding private enterprises to maintain confidence, move forward without (equipment) and boldly pursue growth,” Ma said through the company’s translation.


Source by [CNBC News]



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