China’s Third Plenum Vows Support for Private Sector, Stable Climate for Foreign Firms
Better protection for private sector rights was among hundreds of reform goals laid out by China’s ruling Communist Party following a key, long-awaited policy meeting.
Better protection for private sector rights was among hundreds of reform goals laid out by China’s ruling Communist Party following a key, long-awaited policy meeting.
In a briefing in Beijing on Friday, July 19, on the outcome of the third plenum, China’s rulemakers vowed to improve the mechanism for private companies to take part in major national projects, support capable firms to lead major technological breakthroughs, and better regulate administrative inspections involving the private sector.
Tang Fangyu, deputy head of the Central Committee’s Policy Research Office, said the pledges were among “more than 300 reform goals” adopted at the plenum. They come amid low confidence in the private sector, where investment dropped by 0.4% last year, while that in the state sector rose by nearly 5%.
China would continue its “opening-up” policy and protect the rights of foreign companies and people in the country, and expand its use of foreign investment, while labelling a recent decline as “temporary”.
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