China has established the Office of Private Economy Development. The new agency will develop and coordinate policy in the field of entrepreneurship development in the country.

The National Development and Reform Commission (NDRC of the People’s Republic of China has approved the establishment of the Office for the Development of the Private Sector of the Economy.

“This specialised bureau will promote the development and growth of the private economy, strengthen overall policy coordination in related fields and facilitate the early implementation and efficiency of various major initiatives,” said Cong Liang, deputy head of the National Development and Reform Commission of the PRC.

The new office is designed to boost the confidence of the private sector and help address the economic challenges faced by enterprises in China. The establishment of the new office follows a July decision by eight government ministries to adopt 28 measures to support the private economy.

“The committee is setting up banks for private investment projects and helping to secure land for them. In addition, the committee develops mechanisms for performance evaluation and coordination of private investment projects. It also helps divert funds from the main budget to attract private investment,” added Cong Liang.

The new department will be responsible for tracking and analysing the development of China’s private economy. It will also be in charge of planning, coordinating and drafting development and investment policies.

“Based on current work, the Office of Private Economy Development under the committee will help strengthen coordination and consolidate and expand current achievements. All this will create a better environment and provide stronger support for the growth of the private economy,” said Zhang Shixin, deputy executive secretary of the National Development and Reform Commission of the PRC.

The department will also be responsible for establishing a mechanism to work with the private economy to help enterprises operate more efficiently domestically and be more competitive internationally, as reported by CGTN, a partner of TV BRICS.

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