China Strengthens Private Sector Amid Economic Challenges

China is implementing policies to support its private economy amidst economic pressures. President Xi Jinping's recent meeting with tech leaders highlighted the potential of the private sector. Zheng Bei of the NDRC emphasized removing market barriers and easing financing challenges for private firms to foster growth.

China is poised to bolster its private economy through supportive policies, addressing the challenges faced by private businesses, an official from the National Development and Reform Commission (NDRC) announced via state broadcaster CCTV.

In a strategic move, President Xi Jinping met with leading figures from China's technology sector, urging them to harness their potential and reinforcing confidence in China's economic model. Xi emphasized the extensive opportunities for wealth creation provided by the private sector, highlighting the country's governance and market scale as pivotal advantages for industrial growth.

The NDRC's Zheng Bei pointed out that the private sector, a significant contributor to China's economy, will benefit from revised market access policies. Measures are underway to ensure equitable access to infrastructure and address pressing issues such as accessible financing, amid mounting pressures from US tariffs and domestic economic weaknesses.

(With inputs from agencies.)