China has vowed to accelerate the optimization of the country's business environment for private enterprises and support the expansion of the private sector, according to the latest guidelines released by the Central Committee of the Communist Party of China and the State Council.

To provide an improved environment for the private economy, China will work to remove barriers to market access and fully implement policies and mechanisms to improve fair competition, the document said.

It said the country will protect intellectual property rights, the property rights of private firms, and the legitimate rights and interests of entrepreneurs as part of the legal guarantee for the growth of the private economy. 

More policy support will also be provided to facilitate financing for companies and meet labor demand, according to the guidelines.

In promoting the high-quality development of the private economy, the country will encourage private companies to accelerate digital transformation and invest more in research and development.

The guidelines also pledged measures to promote entrepreneurship in the private economy, and measures to create a nurturing social environment for the private economy.

'Guidelines help clarify status of private economy'

Dong Shaopeng, executive deputy editor-in-chief of Securities Daily, believes that the latest guidelines serve further clarify the political and economic status of the private economy. 

Writing in a post on his official WeChat page, Dong said that the safeguards relating to the property rights of enterprises and entrepreneurs mentioned in the document are not new requirements, but an affirmation of existing principles.

He said the government should treat private enterprises fairly, continue to explore financial support policies for private small and medium-sized enterprises (SMEs), further improve tax policies, and take responsibility and strengthen policy transparency especially at the local level.

On the other end of the spectrum, Dong said private enterprises should improve corporate governance and accelerate modernization.

He also appealed to expand the capacities of public welfare lawyers and provide legal aid to private SMEs.

Private enterprises say guidelines encouraging, enhances confidence

Meanwhile, Tencent CEO Pony Ma wrote that these guidelines play a crucial role in inspiring private enterprises to bolster their confidence, take decisive actions, and pursue ambitious development strategies. 

Ma highlighted these points in an article released on Wednesday night.

Ma said Tencent was committed to intensifying efforts in independent innovation and the company is determined to actively engage in the convergence of digital technology and the real economy, aiming to assume a leadership position within the internet industry.

The guidelines would boost the determination of enterprises to strengthen themselves, promote high-quality development, and contribute to the modernization of the fields of science and technology, said Lei Jun, chairman and CEO of Xiaomi Group, as reported by China News.

Meanwhile, in a statement, Wanda Group also expressed its firm confidence in enterprise development, expanded employment, promoted consumption and contributed all its strength to national development.

(With input from Xinhua; Cover via CFP)