China unveils 28 measures to tackle problems faced by private firms

These measures are part of efforts to bolster the recovery momentum of the Chinese economy and promote its short-term and long-term development.

Steps have also been taken to expand consumption, which plays a basic role in driving economic growth, a state-controlled media outlet reported. Consumption's contribution to economic growth reached 77.2 per cent for the first six months of the year.

The National Development and Reform Commission recently unveiled 20 measures to spur the consumption of items and services.

The private sector contributes approximately half of China's tax revenue, three-fifths of its gross domestic product and four-fifths of new urban jobs. Currently, it accounts for more than half of the country's foreign trade and overall investment

The number of registered private enterprises in China at the end of March this year surpassed 49 million, or 92.3 per cent of the total number of firms in the country.

ALCHEMPro News Desk (DS)