Workers produce electronic parts in the factory. (PHOTO: VCG)

By ZONG Shihan

Following the release of the 31 measures for enhancing the development of the private economy on July 19, a new significant decision made in early September is to establish a private economy development bureau under the National Development and Reform Commission (NDRC).

Coordinating development

Developing the private economy is a systematic project that involves a wide scope, a long policy chain, and various work nodes, said Cong Liang, vice chairman of  NDRC.

The bureau will be responsible for analyzing the development of the private economy, coordinating measures to promote its development, and formulating policies to promote the growth of private investment.

It will also establish a regular communication mechanism with private enterprises, coordinate efforts to solve major problems, and support private economy to enhance its international competitiveness.

The bureau can strengthen face-to-face communication with private enterprises and meet their real needs, said Dong Yu, executive vice president of the China Institute for Development Planning at Tsinghua University.

Forming resultant force

Zhang Shixin, deputy secretary-general of NDRC, noted that the work concerning the private economy involves a wide range of areas and requires close cooperation between various departments.

Recently, various departments have taken relevant measures to further promote the development of the private economy.

The Ministry of Science and Technology will establish an exchange mechanism between innovation entities such as scientific research institutes and private enterprises, and implement financial measures to support scientific and technological innovation, said Wu Jiaxi, deputy director-general of the ministry's department of research commercialization and regional innovation.

Meanwhile, the Ministry of Industry and Information Technology (MIIT) will carry out a nationwide comprehensive inspection to reduce the burden on enterprises and promote the development of small and medium-sized enterprises, said Xu Xiaolan, vice minister of MIIT.

To optimize the business environment for private companies, the State Administration for Market Regulation (SAMR) will continue to strengthen supervision and law enforcement, standardize the market order, and further shore up the protection of intellectual property rights, said Liu Jun, deputy commissioner of SAMR.

With the implementation of such policies and the establishment of the specialized bureau, the development of the private economy will usher in a brighter future, Cong said.