China’s NDRC Pledges Support for Private Sector, Aiming to Revive Post-Covid Economic Growth

China's leading policy body pledges support for private companies to overcome challenges and stimulate economic growth. The NDRC confirms to entrepreneurs that they are considered 'one of us,' as a sluggish recovery from Covid-19 leads to increased backing for the private sector.

Zheng Shanjie, the leader of the National Development and Reform Commission (NDRC), convened a gathering on Friday with delegates from various private enterprises to discuss their operational status, challenges, and perspectives on economic matters, according to a report by the state news agency Xinhua.

"Private business owners are one of us," Zheng reportedly said. "We will do everything in our power to assist your firms in overcoming these challenges."

Despite being labeled as merely supplementary to the national economy by the Communist Party, official statistics reveal that the private sector contributes over 50 percent of China's tax revenue, 60 percent of its GDP, 70 percent of its technological advancements, 80 percent of employment in urban areas, and 90 percent of its market entities.

Numerous industries within the private sector, such as those in internet services, education, and real estate, have faced regulatory crackdowns lately as authorities sought to curb what they call the "reckless growth" of capital.