China sets up a private economy development bureau

Deputy head of the National Development and Reform Commission, Cong Liang, stated during a press conference on Monday that the bureau's establishment aims to enhance policy coordination in pertinent domains and to guarantee the prompt execution of measures with tangible outcomes, as reported by Xinhua News Agency, a partner of TV BRICS.

According to the commission, the bureau's main responsibilities are to track, study and analyse the development of the private economy, coordinate and organise the formulation of policies and measures to promote its development and encourage the growth of private investment.

The bureau will have the additional duty of creating a framework for consistent interaction with private businesses, orchestrating collaborative initiatives to address significant issues related to private sector growth, and striving to bolster its global competitiveness.