A worker catches up on production for exports of electronic products at a workshop in Sihong, East China's Jiangsu Province on February 7, 2023. Photo: cnsphoto

China's State Council, the country's cabinet, said on Friday that they are solicited questions, clues and suggestion from the public regarding 10 crucial areas for the better protection of private economy, as part of the government continuous efforts to stabilize economic growth.

In line with the objective of advancing the guidelines for promoting the growth of private economy, a supervision platform operated by the State Council has solicited public feedbacks in 10 crucial areas starting on Friday.

These areas encompass concerns related to local and institutional restrictions on the entry of private enterprises, policies that might hinder a unified market and fair competition, as well as issues surrounding arbitrary charges and fines imposed on enterprises, according to the notice.

The move came on the sidelines of intensified meetings by government departments in various sectors on Friday, with policy emphasis to give further stress to safeguard private firms and boost domestic consumption.

During Friday's teleconference, presided over by China's Vice Premier He Lifeng, officials emphasized the need to actively and steadily promote the reconstruction of urban villages in megacities. The meeting highlighted that these efforts play a crucial role in key sectors, such as expanding domestic demand and optimizing the real estate market.

Several government departments are on the move to boost economy. Also on Friday, Huang Yun, spokesperson of the State Taxation Administration, introduced at a press conference that in the next step, the taxation department will continue to create a stable, fair, transparent and predictable tax business environment for private enterprises.

Measures such as listening to the concerns of private enterprises, and asking them what they need, and addressing difficulties will be in place.

The taxation department also pledged to conduct thorough research and presenting recommendations to further enhance and refine tax and fee policies, particularly for small and micro enterprises, as well as individual industrial and commercial households.

Also on the same day, the Ministry of Transport held a half-year work video conference, emphasizing the need to have a clear understanding of the difficult challenges facing the current economic operation and call on more efforts in place to secure a high-quality growth.

Similar meetings were also in place in this week driven by the need for securing a stable economic growth.

In a meeting for shoring up domestic consumption held on Tuesday, government officials of various departments met and discussed the know-how for boosting consumption capabilities, including via organizing promotional events. Consumption support for areas such as car and home appliances were highlighted.

On Friday, three Chinese ministries issued a two-year action plan aimed at stabilizing consumer-oriented light industry, a less capital-intensive sector manufacturing smaller consumer goods and a crucial backbone of the Chinese economy, with a commitment to maintaining an average growth rate of 4 percent in 2023 and 2024.

All these meetings and initiatives came just days after a top meeting of the Political Bureau of the Communist Party of China Central Committee on Monday that called for greater efforts to ensure "reasonable growth" amid "new challenges."

Global Times