China’s state planner issued a notice on Monday saying it would further improve the policy environment to encourage the development of private investment, the latest move aimed at supporting the faltering economy in the face of multiple headwinds.
The world’s second-largest economy posted surprising growth in the third quarter, but the recovery was dampened by a housing slump, weakening consumption and sustained COVID restrictions
China will increase policy support to boost the vitality of private investment, stabilize market expectations and increase job opportunities, as “private investment accounts for more than half of total social investment,” according to the report. notice.
Private companies will be encouraged to invest in 102 major projects in areas including transportation, water conservation and carbon reduction, according to the notice posted on the website of the National Development and Reform Commission.
Beijing also said it woud support the development of the platform economy with a focus on investment in key projects such as artificial intelligence, cloud computing and blockchain.
Central-owned enterprises will be encouraged to step up the use of new products and technologies from private enterprises
Last week, policymakers promised that growth remained a priority and that they would press ahead with reforms in an apparent attempt to calm fears that ideology could take precedence as President Xi Jinping began a new leadership term. and strict COVID restrictions impose a growing cost on the economy.