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ARTICLE · 14 AUGUST 2023

China Issues New Policy To Boost Private Economy

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On July 19th, 2023, the Central Committee of the Communist Party of China (CPC) and the State Council jointly released a detailed policy entitled "Opinions on Promoting the Development and Growth...

GlobalGovernment, Public Sector
Lester Ross
Lester Ross
Kenneth Zhou
Kenneth Zhou
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Background

On July 19th, 2023, the Central Committee of the Communist Party of China (CPC) and the State Council jointly released a detailed policy entitled "Opinions on Promoting the Development and Growth of the Private Economy" (the "Opinions"),1 consisting of 31 provisions across eight chapters aiming to build a "bigger, better and stronger" private sector.

According to Xinhua, the official State news agency, the private sector has evolved into a fundamental component of China's economic system, playing a vital role in driving sustainable and robust economic growth.2 From 2012 to 2021, the share of tax revenue from private enterprises surged from 48% to 59.6%, and the proportion of private enterprises increased significantly from 79.4% to 93.3% of the total number by 2022. Moreover, private enterprises accounted for 50.9% of foreign trade in 2022, having surpassed other sectors since 2019.

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