December 13th (AMSP/CGTN) – – China has been taking steps to boost business confidence and ensure sound economic development.
In October, China’s Ministry of Justice and the country’s top economic planner published a draft law on private sector promotion to solicit public opinion. The draft law, once adopted, will be China’s first basic law devoted to the development of the private economy.
Meanwhile, the private economy is playing an increasingly prominent role in China’s economic development. According to the State Administration for Market Regulation, the number of private business entities in China had reached over 180 million by the end of September, accounting for over 96-percent of the country’s total business entities.
China’s private enterprises have been actively seeking breakthroughs for high-quality development. A report released by the All-China Federation of Industry and Commerce shows that China’s top 500 private companies invested over 1 trillion yuan in research and development, or over 140 billion U.S. dollars…while employing over 1 million R&D personnel.
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