A staff member works on the production line of a semiconductor manufacturer in Binzhou, Shandong province. [Photo by Chu Baorui/For China Daily]

Guideline: Private firms key economic driving force

China issued a guideline on Wednesday for promoting the development of the private sector, signaling the latest push for supporting and reinvigorating a key sector in order to revive economic recovery amid downward pressures.

The guidance, which details 31 measures such as supporting private enterprises' access to funding, reducing market entry barriers and promoting fair competition, marks a key step toward promoting the healthy and high-quality development of the private sector, said experts and executives.

China has also pledged efforts to protect private enterprises' property rights and the rights and interests of entrepreneurs in accordance with the law, and support platform companies' development to generate jobs and spur consumption, according to the document released by the Communist Party of China Central Committee and the State Council.

Experts and private businesspeople believe the document is part of the package of measures to revive the economy hurt by the "scarring effects" of COVID-19 and challenges from a more complicated external environment, which will also help boost market confidence as well as stabilize expectations and the overall economy.

Li Zhaoqian, a member of the 14th National Committee of the Chinese People's Political Consultative Conference, said China has set out a detailed plan covering fields such as the development environment, the policy environment, legal protection, high-quality development and public opinion.

It signals China's latest top-level design for boosting the development of the private sector after the country released a guideline to foster a better environment to support the reform and development of private enterprises in 2019, he added.