{"id":19192,"date":"2023-04-21T12:29:00","date_gmt":"2023-04-21T12:29:00","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/china-passes-guidance-for\/"},"modified":"2023-04-21T12:33:34","modified_gmt":"2023-04-21T12:33:34","slug":"china-passes-guidance-for","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/china-passes-guidance-for\/","title":{"rendered":"China passes guidance for supporting private sector &#8211; state media"},"content":{"rendered":"<p>BEIJING (Reuters) &#8211;     China&#8217;s ruling Communist Party has passed guidance for promoting the development of private firms, state media said on Friday, signalling more steps to reinvigorate a sector hurt by a round of regulatory curbs.<\/p>\n<p>China will optimise the development environment for the private sector and will remove institutional barriers that prevent firms from participating in fair market competition, state media quoted a meeting of a committee on deepening reforms, chaired by President Xi Jinping.<\/p>\n<p>&#8220;It is necessary to fully consider the characteristics of the private economy, improve policy implementation, strengthen policy coordination, promote precise and direct preferential policies and effectively solve actual difficulties for firms,&#8221; state media said.<\/p>\n<p>China will guide private firms to find the right position in the country&#8217;s high-quality economic development, and pursue their own reforms and upgrading, state media said.<\/p>\n<p>Private firms, a key driving force behind China&#8217;s economic ascent in the past four decades, account for half of the country&#8217;s tax revenue, over 60% of output and provide 80% of urban employment.   <\/p>\n<p>Chinese leaders have pledged to boost confidence, which has been hurt by a three-year crackdown on the tech and property sectors.<\/p>\n<p>The party has also passed guidance for strengthening and improving management of the state sector, state media said.<\/p>\n<p>China will deepen reforms of state firms, strengthen and improve the management of the state sector to help drive high quality development and maintain national security, state media said.<\/p>\n<p>China&#8217;s economy grew at a faster-than-expected pace in the first quarter, as the end of strict COVID curbs lifted businesses and consumers out of crippling pandemic disruptions, although headwinds persist and the recovery remains uneven.<\/p>\n<p>Private fixed-asset investment grew only 0.6% in the first quarter from a year earlier, dwarfed by a 10% rise in investment by state entities, official data showed.<\/p>\n<p \/>\n<p> (Reporting by Beijing newsroom and Kevin Yao&#8217;; Editing by Kirsten Donovan)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/china-passes-guidance-for\/file-photo-general-view-shows-the-traffic-during-the-evening-2\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3K0G0-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3K0G0-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BEIJING (Reuters) &#8211; China&#8217;s ruling Communist Party has passed guidance for promoting the development of private firms, state media said on Friday, signalling more steps to reinvigorate a sector hurt by a round of regulatory curbs. China will optimise the development environment for the private sector and will remove institutional barriers that prevent firms from [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":19195,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1216],"tags":[1223],"class_list":["post-19192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-economy","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3K0G0-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/19192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=19192"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/19192\/revisions"}],"predecessor-version":[{"id":19196,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/19192\/revisions\/19196"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/19195"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=19192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=19192"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=19192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}