SOURCE / ECONOMY
China's regulation is not a 'crackdown on private sector' as suggested, official says
Published: Oct 21, 2021 04:03 PM
Workers pack a foldable pet product for export in Wuyuan, East China's Jiangxi Province on Saturday. The producer, a private company in Wuyuan focusing on environmental protection and foldable housewares, has an annual output worth 200 million yuan ($32.5 million), and offers 1,500 jobs for local farmers. Photo: CFP

Workers pack a foldable pet product for export in Wuyuan, East China's Jiangxi Province on Saturday. The producer, a private company in Wuyuan focusing on environmental protection and foldable housewares, has an annual output worth 200 million yuan ($32.5 million), and offers 1,500 jobs for local farmers. Photo: CFP



The assertion that China's recent market regulation campaign is a "crackdown on the private sector" is baseless, an official from the National Development and Reform Commission (NDRC) said during a press conference on Thursday.

Xu Shanchang, head of the systemic reform department at the NDRC said that the campaign targeting uncontrolled expansion of capital and monopolies was a concrete and necessary step to boost development across sectors. 

The campaign is not aimed at enterprises of any specific ownership form but to ensure fair competition and sustainable development, Xu told the press conference.

During the COVID-19 pandemic, private businesses across the country have faced an array of challenges. But thanks to the country's robust support for private businesses, trade volume of private businesses increased by 28.5 percent in the first three quarters of 2021, which accounted 48.3 percent of China's total trade volume, a year-on-year increase of 2.1 percentage points.

In addition, there are 34 private enterprises listed in Fortune Global 500 in 2021, five more than last year. The Top 500 private enterprises list revealed by the All-China Federation of Industry and Commerce in September also showed that multiple indexes, including revenue, sales volume and per capita income of China's private enterprises all witnessed significant increase.

The NDRC also vowed to contain the surging prices of multiple bulk commodities to ease the pressure on medium and small-sized enterprises in the downstream of the industry chain. Stocks of copper, aluminum, zinc and crude oil will be released to the market and related market regulation campaign will be conducted as well.

Global Times
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