As the world’s second-largest economy seeks more private investment to boost economic growth and stabilize the job market, the Chinese government has sent a new olive branch to private companies, extending funding to national research facilities and national projects. Improved access.
The National Development and Reform Commission (NDRC) held a meeting in the southwestern city of Chengdu on Thursday to encourage private companies with strong innovation capabilities to take over major national science and technology projects, state broadcaster China Central Television reported. He pledged to help lead implementation.
We… guide qualified private companies to engage in high-risk, high-value technology research NDRC Vice Chairman Zheng Bei
The Chinese government will also expand access to state-run research facilities by private companies and facilitate the transfer of talent from universities and research institutes to these companies, it added.
NDRC Vice Chairman Zheng Bei said, “We will support the diversification of basic research themes and guide qualified private companies to engage in high-risk, high-value technological research.”
The pledge by NDRC, China’s top economic planner, is another move by the government to strengthen confidence in the private sector, which plays a key role in driving the economy and job creation.
However, private entrepreneurs have many concerns about whether previous commitments will be effectively implemented. Last year, the Chinese government announced plans to establish a Private Economy Promotion Bureau under the NDRC and also announced an action plan to support the private sector.
However, at a meeting of the Standing Committee of the National People’s Congress in June, more than 30 members highlighted factors that seriously impede the development of the private economy, such as market access barriers.
