China Supports Private Sector Transformation, Upgrades and Reforms

The National Development and Reform Commission, the Ministry of Science and Technology and other authorities recently released new guidance supporting private enterprises in accelerating reforms, development, transformation and upgrades (Fa Gai Ti Gai No. 1566 [2020]). The guidance aims to address the impact of the Covid-19 pandemic in different respects, to stimulate the private sector’s vitality and creativity, foster an environment of fair competition, and expand employment. The measures include reducing the production and operating costs of enterprises, strengthening support for technology and innovation, improving resource and production factor safeguards, actions to resolve financing problems, expansion of investment in transformation and upgrades, consolidating and raising standards in the industrial chain, and tapping the potential of market demand.

Source: National Development and Reform Commission