China is implementing a series of targeted measures to foster a favorable environment for private enterprises and promote growth in the private sector, said an official with the country’s top economic planner.

These initiatives focus on easing financing constraints, boosting investment, promoting trade, enhancing talent development and encouraging innovation, said Liu Min, deputy head of the private economy development bureau under the National Development and Reform Commission, during the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency.

The private sector plays a key role in China’s economy, making up more than 90 percent of all businesses nationwide and contributing to over 70 percent of the country’s technological innovation. In February this year, the country held a high-level symposium on private enterprises, signaling strong support for the sector.

Liu said China is taking concrete steps to strengthen legal protection for its private sector, with legislative work on the private economy promotion law accelerating. This draft legislation, set to become China’s first fundamental law dedicated to the private sector, has already undergone two reviews by Chinese lawmakers.

China also encourages greater private sector participation in major national projects and programs, Liu added. To address the issue of overdue payments, the country will tighten punitive measures against defaulters, with a particular focus on payments owed to private enterprises.

Liu highlighted efforts to strengthen communication with private enterprises. A comprehensive service platform for private sector development, launched in December, has recorded 180,000 visits over the past four months. By the end of March, the platform had received nearly 2,000 submissions from private firms, raising matters such as policy recommendations, access to production factors, overdue payments and intellectual property disputes.

Each submission is dealt with via a structured workflow process of collection, handling, feedback and follow-up, in an effort to respond to the concerns of private companies, Liu said.

XINHUA