China continues to stimulate business vitality to promote high-quality development

China will continue stimulating the vitality of business entities to promote high-quality economic development, according to the State Administration for Market Regulation (SAMR).

Efforts will be made in areas including deepening reform and innovation, promoting fair competition, and further innovating regulatory methods to enhance regulatory efficiency, said Pu Chun, deputy director of the State Administration for Market Regulation and director of the National Certification and Accreditation Administration, during a press conference on Wednesday.

Eliminate monopolies and local protectionism

China will continue to improve market mechanisms to help major business entities solve difficulties encountered during production and operation, said Pu.

The country will also utilize intelligent supervision and other methods to create a favorable business environment, according to the SAMR.

Pu pointed out that an inclusive and fair environment is crucial to stimulate market vitality. The SAMR will accelerate the construction of a unified national market, eliminate monopolies and local protectionist measures that hinder fair competition, and ensure the autonomous operation of business entities.

Support the high-quality development of individually-owned businesses

A total of 124 million individually-owned businesses were registered in China by the end of last year, accounting for 67.4 percent of business entities nationwide, said the SAMR.

These businesses have provided employment for nearly 300 million people in China, said Ren Duanping, director general of the Business Registration Bureau of the SAMR, at the press conference.

About 22.58 million such businesses were newly registered in 2023, representing a year-on-year expansion of 11.4 percent, according to Ren.

The steady development of individually-owned businesses has helped sustain the livelihoods of hundreds of millions of families, demonstrating the strong vitality and resilience of the Chinese economy, said Ren.

Formulate technical standards for crucial industrial chains

China will formulate technical standards for key aspects of crucial industrial chains, such as AI safety and driver assistance systems, according to the SAMR. It aims to expedite the transition of autonomous technologies into applicable standards. 

In the fields of integrated circuits, artificial intelligence, and quantum information, roadmaps are being crafted to enhance comprehensive quality management, said Liu Sanjiang, director general of the Quality Development Bureau at the SAMR.

(Cover via CFP)