Overall coordination and comprehensive implementation of policies to promote the development of private economy

Xinhua News Agency, Beijing, September 5th - The Economic Reference Daily published an article on September 5th titled "Coordinated and Comprehensive Measures to Promote the Development of Private Economy.". According to the article, on the 4th, the reporter learned that recently, the Central Compilation Office officially approved the establishment of the Private Economy Development Bureau within the National Development and Reform Commission. As a specialized agency to promote the development and growth of the private economy, it strengthens policy coordination in related fields, and promotes the early implementation and effectiveness of various major measures. Next, relevant departments such as the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the People's Bank of China will make further efforts to facilitate diversified financing channels for private enterprises, strengthen precise support for innovation of small and medium-sized enterprises, and effectively help private enterprises solve problems and stimulate the vitality and endogenous driving force of private economic development.

"The work of the private economy involves a wide range of areas and strong policy implications, requiring close collaboration and cooperation among various departments to form a collaborative force." Zhang Shixin, Deputy Secretary General and Director of the Personnel Department of the National Development and Reform Commission, said at a press conference held by the State Council Information Office on the 4th to promote high-quality development of the private economy. The establishment of the Private Economy Development Bureau by the National Development and Reform Commission is mainly aimed at better playing the role of overall coordination, comprehensive policy implementation, and promoting development.

Specifically, the main responsibilities of the Private Economy Development Bureau are to track, understand, analyze and judge the development status of the private economy, coordinate and organize the formulation of policies and measures to promote the development of the private economy, and formulate policies to promote the development of private investment. Establish a regular communication and exchange mechanism with private enterprises, coordinate and solve major issues related to the development of the private economy, and support the enhancement of international competitiveness of the private economy.

Tan Haojun, the director of the 4th China Association for the Study of Private Economy, told Economic Reference Daily that the function of serving private enterprises involves multiple departments and industry associations. The establishment of a new coordination agency in the National Development and Reform Commission has addressed some specific problems faced in the development of private economy, sending a positive signal.

On July 19th, the Central Committee of the Communist Party of China and the State Council issued the Opinions on Promoting the Development and Growth of the Private Economy, reaffirming the important position and role of the private economy and responding to the key concerns of private enterprises. Cong Liang, Deputy Director of the National Development and Reform Commission, stated that over the past month, the Commission and relevant parties have launched a series of supporting measures, achieving initial results. Among them, in terms of optimizing the development environment, 17 specific measures have been identified to focus on promoting high-quality development of private investment; In terms of strengthening factor support, the Ministry of Finance and the State Administration of Taxation have issued a notice to continue the value-added tax reduction and exemption policy for small-scale taxpayers.

Cong Liang stated that in the next step, the National Development and Reform Commission will rely on the newly established specialized agency to establish and improve the working mechanism for the development of the private economy and private enterprises. At the same time, clarify the key work tasks in the Opinion to relevant departments and units one by one, and clarify the timetable and roadmap; Urgently promote relevant parties to issue supporting policies related to the Opinion as soon as possible.

Difficulty in financing is a prominent problem faced by private enterprises. Pan Gongsheng, the President of the People's Bank of China, stated at the recent meeting on promoting financial support for the development of private enterprises that it is necessary to smooth out the financing channels of private enterprises, including stocks, bonds, and loans. Further increase credit allocation to private enterprises in key areas such as technological innovation, specialization, refinement, novelty, and green and low-carbon; Promote the expansion and increment of private enterprise bond financing support tools, expand the scale of private enterprise bond financing, and encourage and guide institutional investors to allocate private enterprise bonds; Support the listing and refinancing of private enterprises, actively leverage the role of local government special guidance funds, and improve investment exit mechanisms.

Among specialized, refined, and innovative small and medium-sized enterprises, private enterprises account for about 95%. Xu Xiaolan, Deputy Minister of the Ministry of Industry and Information Technology, introduced that currently, a total of 215000 innovative small and medium-sized enterprises have been cultivated, 98000 specialized and new small and medium-sized enterprises, and 12000 specialized and new "little giant" enterprises have been cultivated. From January to July, the revenue and profit margins of "Little Giant" enterprises and specialized and innovative small and medium-sized enterprises were 5.5 and 2.7 percentage points higher than those of designated small and medium-sized enterprises, respectively. As of the end of July, more than 1600 specialized, refined, special, and new small and medium-sized enterprises have been listed on the A-share market, accounting for over 30% of the total. From January to July, the proportion of specialized, refined, special, and new small and medium-sized enterprises in newly listed A-share companies was 60%, fully demonstrating the resilience and vitality of the development of specialized, refined, special, and new small and medium-sized enterprises.

Xu Xiaolan stated that in the next step, the Ministry of Industry and Information Technology will increase policy precision assurance, study and formulate "Several Measures to Promote the High Quality Development of Specialized, Refined, Special, and New Small and Medium sized Enterprises", and launch another batch of policy measures from the aspects of technological innovation, industrial chain support, talent attraction and education. Currently, the document has formed a draft for soliciting opinions, and will be accelerated after absorbing the opinions of relevant departments.

"The implementation of a series of measures is conducive to leveraging policy synergy and helping private enterprises solve practical problems." Tan Haojun said that boosting the private economy also relies on the legal awareness, responsibility awareness, and service awareness of society and various departments. The most fundamental thing is to act in accordance with the law, provide sincere services, improve efficiency, have confidence in the private economy, have feelings for private enterprises, fully respect private entrepreneurs, effectively protect the property rights of private enterprises, and treat private enterprises equally in policies and services.