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NDRC in China to Establish Dedicated Department for Advancing Private Economy


Sep 4, 2023

China’s top economic planner has announced plans to establish a department dedicated to strengthening the country’s struggling private economy. This move is part of Beijing’s ongoing efforts to revive entrepreneurial spirit amidst slowing growth. The new agency will play a key role in coordinating policy-making and implementation, according to the National Development and Reform Commission.

In recent months, the Chinese government has introduced various policy packages aimed at supporting private businesses, including increased financial assistance and legal protection. However, these measures have not been sufficient to restore waning business confidence. Experts argue that more significant stimulus measures are needed to counteract the downward economic pressures.

Investment by China’s private sector has seen a decline of 0.5% in the first seven months of this year, compared to a 0.2% drop in the January-June period. The newly established department will focus on tracking and analyzing the development of private businesses, as well as maintaining regular communication with the sector.

In light of the ongoing challenges facing China’s private economy, the establishment of this dedicated department represents a step towards addressing the issues and revitalizing the sector. The government’s commitment to supporting private businesses is evident, but further action may be necessary to ensure sustained growth and confidence in the entrepreneurial sector.

By Editor

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