China’s top economic planner said it would establish a designated department to bolster the country’s faltering private economy, in Beijing’s latest efforts to rekindle entrepreneurial spirit amid sputtering growth.
The new agency, tasked with energizing China’s private sector, will help coordinate policy-making and implementation, the National Development and Reform Commission said at a press conference Monday.
Since July, Beijing has rolled out a cascade of policy packages to boost China’s ailing private businesses, pledging more financial support and legal protection. However, it has failed to prop up weakening business confidence, as authorities have so far held off big-bang stimulus measures that economists say are needed to hedge against downward economic pressures.
Investment by China’s private sector dropped 0.5% in the first seven months of the year, widening from the 0.2% decline in the January-June period.
The new department’s main responsibilities would include tracking and analyzing the development of private businesses, and communicating with the sector on a frequent basis, an official from the economic planner told the press conference.
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