Beijing is prioritizing the private sector as a crucial driver of China's economic revival.
China's top competition regulator has pledged to boost private-sector investment and M&A activity by optimizing merger-control rules, aiming to further stimulate private sector growth.
The initiative is among the 37 key measures that the State Administration for Market Regulation, or SAMR, announced late last night to further leverage its regulatory functions to promote the development and growth of the private economy.
By enhancing transparency, increasing convenience and refining the classified and graded merger-review system, the regulator also plans to help private enterprises more accurately identify competition compliance risks.
In addition, SAMR will implement measures to remove obstacles to equal access to production factors and fair competition, aligning with those outlined in China’s draft law on promoting the private sector.
These include rectifying the abuse of administrative powers, enforcing against monopolies in areas affecting the livelihoods of ordinary citizens, conducting random inspections to ensure implementation of fair-competition reviews, and investigating key monopoly cases.
The initiatives aim to create a level playing field for all market participants and promote a more competitive business environment.
In line with remarks by SAMR chief Luo Wen in March on rectifying arbitrary fees, the agency will launch special campaigns to address disorderly charges involving enterprises and conduct random inspections on irregular fees in key areas.
Beijing is prioritizing the private sector as a crucial driver of China's economic revival, as demonstrated by the accelerated legislation promoting the private economy and President Xi Jinping's rare
meeting with leading private entrepreneurs in February.
These actions underscore the government's commitment to fostering a supportive environment and collaborating with private firms to revitalize the economy.
Source: MLex
