Na­tion’s pri­vate busi­nesses em­pow­ered to seek bet­ter de­vel­op­ment on wider stage

Global Times US Edition - - BIZMARKETS -

With a series of ac­tions be­ing taken by the cen­tral gov­ern­ment, China’s pri­vate busi­nesses that often com­plain about dis­ad­van­tages in mar­ket ac­cess and fund­ing will be able to seek bet­ter de­vel­op­ment on a broader stage, the Xinhua News Agency said.

Over the past four days, sev­eral gov­ern­men­tal de­part­ments in­clud­ing the State Ad­mi­nis- tra­tion for Mar­ket Reg­u­la­tion (SAMR), the Min­istry of In­dus­try and In­for­ma­tion Tech­nol­ogy (MIIT) and the All-China Fed­er­a­tion of In­dus­try and Com­merce have sep­a­rately an­nounced new poli­cies to show their unswerv­ing sup­port for pri­vate en­ter­prises.

Com­pet­i­tive neu­tral­ity, which SAMR chief Zhang Mao men­tioned in an in­ter­view with Xinhua on Mon­day, could be a catch-all phrase to de­scribe this new round of pol­icy sup­port in the pri­vate econ­omy.

Although the ba­sic eco­nomic sys­tem of China re­quires the pub­lic sec­tor to re­tain a dom­i­nant po­si­tion and other di­verse forms of own­er­ship to de­velop side by side, it doesn’t mean that the gov­ern­ment will pam­per pub­lic sec­tor com­peti­tors for the sake of their own­er­ship.

In­stead, the coun­try’s reg­u­la­tors want poli­cies con­cern­ing reg­u­la­tion, tax, debt and pub­lic ser­vices to be im­par­tial so as to treat all mar­ket en­ti­ties fairly and equally.

For in­stance, SAMR said it would an­nul doc­u­ments im­ped­ing the es­tab­lish­ment of a uni­fied mar­ket and fair com­pe­ti­tion by the end of this year.

Prac­tices con­strain­ing mar­ket com­pe­ti­tion that may lead to a mo­nop­oly, in­clud­ing be­hav­iors like ex­ces­sive charg­ing and un­rea­son­able trad­ing re­quire­ments, will be phased out.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.