Private sector calls for strengthened interdepartmental coordination

The People's Bank of China and multiple departments recently held a joint meeting to come up with specific measures to support the high-quality development of private enterprises.

They will implement a moderately loose monetary policy, give full play to the role of structural monetary policy tools, and increase credit for private and small and micro enterprises. Besides, a series of previously adopted concrete measures supporting the private economy will be better implemented to support private enterprises.

The meeting stressed that policy coordination and interaction will be enhanced among departments to improve financing mechanisms, and greater efforts will be made to solve the difficult and expensive financing problems private enterprises face, so they can play a bigger role in the country's high-quality development.

Since the 18th National Congress of the Communist Party of China in 2012, the central authorities have made continuous efforts through deepened reforms to improve the basic system of the market economy, stimulating the vitality and internal impetus for the development of the private sector. To that end, the authorities have accelerated the drafting of a law to promote the private sector, and to accord equal treatment to State-owned as well as private enterprises at both the institutional and legal levels.

In order to create a fair market environment, more efforts should be made to accelerate the formation of a unified national market, break down market access barriers, and establish an open and transparent market access system consisting of equal competition, clear powers and responsibilities, and strong supervision.

Meanwhile, as said, different departments should further strengthen their coordination in the policymaking and the implementation of relevant policies related to the private sector, and constantly improve the efficiency of government supervision and services.