China’s Communist Party and government issued a joint pledge to improve conditions for private businesses in a signal that Beijing wants to bolster corporate confidence as economic growth wanes.
China vowed to treat private companies the same as state-owned enterprises, according to a joint statement from the party’s central committee and the state council on Wednesday. Governments at various levels are also encouraged to invite entrepreneurs for consultation before drafting and evaluating policies.
China has shifted its tone toward the private sector after wrapping up a multi-year crackdown on tech firms and imposing fines of over $1 billion on Ant Group Co. and Tencent Holdings Ltd. this month. The Communist Party’s evolving stance under President Xi Jinping has become one of the most closely watched developments in global markets, with some observers calling China’s sprawling internet sector uninvestable.
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