MOFOCM to increase support for China's private enterprises

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China's Ministry of Commerce (MOFCOM) said it would provide full support for the development of private enterprises on Wednesday.

Since the implementation of the reform and opening-up policy, private companies have become a new force for commercial development, contributing to 90 percent of domestic trade, 48 percent of export and 49 percent of the overseas investment, said Zhong Shan, Chinese Minister of Commerce.

"To support the development of the private economy, the ministry will encourage private firms to participate in trade fairs, including the China International Import Expo (CIIE) and the Canton Fair, take part in the Belt and Road Initiative, and go to free trade zones and overseas economic and trade cooperation zones," Zhong said.

"The ministry will also give them better policies, including the implementation of policy on export rebates, trade financing and trade facilitation," he said.

A more amicable environment will be created for the better development of private enterprises by further relaxing market access, improving filing-based management and promoting fair law enforcement, according to Zhong.

"The ministry will also support private firms to explore overseas market and search for new methods of product distribution to expand consumption," he said.

A slew of measures has been taken this year to support the financing and development of private enterprises. Earlier this month, Chinese President Xi Jinping outlined six measures for the development of the country's private sector.

Source(s): Xinhua News Agency