Ministry of Commerce to up support for China's private enterprises

BEIJING - Chinese Minister of Commerce Zhong Shan said Wednesday that the ministry would provide full support for the development of private enterprises.

Since the implementation of the reform and opening-up policy, private companies have become a new force for commercial development, contributing to 90 percent of domestic trade, 48 percent of export and 49 percent of overseas investment, Zhong said in an interview.

"To support the development of the private economy, the ministry will encourage private firms to participate in trade fairs, including the China International Import Expo and the Canton Fair, take part in the Belt and Road Initiative, and go to free trade zones and overseas economic and trade cooperation zones," Zhong said.

"The ministry will also give them better policies, including the implementation of policy on export rebates, trade financing and trade facilitation," he said.

A more amicable environment will be created for the better development of private enterprises by further relaxing market access, improving filing-based management and promoting fair law enforcement, according to Zhong.

"The ministry will also support private firms to explore overseas market and search for new methods of product distribution to expand consumption," he said.