China is gearing up to supercharge both its public and private sectors with a fresh wave of reforms aimed at fostering a more dynamic and fair market environment. In a recent government work report presented to the national legislature, Premier Li Qiang outlined a series of measures designed to stimulate market vitality and support business growth.
Among the key initiatives, China plans to deepen the reform of state-owned enterprises (SOEs) by refining their structure and enhancing performance assessments to better fulfill strategic missions. This move is expected to create a more efficient and responsive public sector.
On the private side, the government is committed to implementing policies that support the development of private businesses, protect the rights of entrepreneurs, and encourage the adoption of modern corporate systems. These efforts aim to create a level playing field where private enterprises can thrive alongside their state-owned counterparts.
To tackle the issue of overdue payments to businesses, China will enforce stricter penalties against bad actors and establish long-term solutions to ensure timely payments. Additionally, regular communication between the government and enterprises will be prioritized to address practical challenges and facilitate problem-solving.
Special initiatives will also be launched to regulate law enforcement related to businesses, focusing on eliminating arbitrary charges, fines, inspections, and seizures. These steps are intended to build trust and confidence among enterprises by ensuring fair and service-oriented administration.
Overall, China's comprehensive approach aims to create a more vibrant and resilient economy by balancing the strengths of both public and private sectors.
Reference(s):
China vows to consolidate public sector, stimulate private economies
cgtn.com
