China's National Development and Reform Commission (NDRC) held a conference to bolster the growth and resilience of the private economy in Wenzhou, Zhejiang, from 21 to 22 March./ CMG
China's top economic planner, the National Development and Reform Commission, unveiled targeted initiatives designed to bolster the growth and resilience of the private economy at a conference on Thursday and Friday.
The initiatives will include the upskilling of workers using public training centers, aligning with the requirements of industries and businesses. It aims to pool resources such as venues, equipments, and classes, with the goal of training one million workers from the private sector every year.
Moreover, they consist of a program aimed at supporting new entrepreneurs to enhance their competitiveness and capacity for growth and adaptation. 40 private companies are expected to participate in the first installation of this program.
Enhancing the quality of home services is also part of the plan. It aims to improve the skills of domestic workers, standardize services for elderly care and other home-based services, and better match domestic workers with household needs.
Workers at a toy company in Lianyungang, Jiangsu, sewing plush toys on March 24, 2024./CFP
Since the start of the year, China's private sector investment has trended positively. From January to February, private investment grew by 0.4 percent year on year, reversing a decline. Investment in manufacturing from the private sector jumped by 11.6 percent, 2.2 percentage points above total manufacturing investment growth.