The draft of the Private Economy Promotion Law has been made public to solicit opinions from society, optimize the policy of debt-free loan renewal, hold a "Foodie Festival", guide platform traffic tilt... On October 14, the State Administration for Market Regulation, the Ministry of Industry and Information Technology, the Ministry of Justice, and the Financial Regulatory Authority responded to social concerns around policies and measures to increase assistance and support for enterprises.

Building Mechanisms to Stabilize Expectations and Promote Development

At present, the number of private enterprises in China has exceeded 55 million, accounting for as high as 92.3% of the total number of enterprises nationwide. Individual industrial and commercial households also show a vigorous development trend, with the total number breaking through 125 million. However, recently, enterprises have faced many pressures and encountered numerous challenges in their operations.

The most important thing in developing the economy is confidence and expectations. The draft of the Private Economy Promotion Law, which is currently open for public comments, is an important measure to boost the confidence of private enterprises and has attracted much attention. Hu Weilie, the Vice Minister of Justice, revealed that since the draft was open for public comments, the Ministry of Justice has received more than 1,000 pieces of advice and suggestions.

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As the first basic law in China specifically about the development of the private economy, the draft transforms the guidelines and policies of the Central Committee of the Communist Party and the State Council for developing the private economy after the reform and opening up, especially since the 18th National Congress of the Communist Party of China, and the effective practices in practice into legal systems. It implements the requirements of equal treatment and equal protection for the private economy, and builds a long-term mechanism to stabilize the development expectations of private enterprises and entrepreneurs, and to promote the development of the private economy.

In terms of market access, the draft明确规定s that all types of economic organizations, including private economic organizations, can enter legally on an equal basis in areas other than the negative list of market access; in terms of scientific and technological innovation, it encourages private economic organizations to participate in national scientific and technological攻关, and supports capable private economic organizations to take the lead in undertaking major technical攻关tasks; in terms of investment and financing support, it supports private economic organizations to participate in national major strategies and major projects, implements differentiated supervision for financial institutions to provide financial services to small and micro private economic organizations, and allows for the reasonable setting of non-performing loan tolerance; in terms of service guarantee and rights protection, it standardizes the procedure of law enforcement inspections, and stipulates that administrative penalties should be commensurate with the facts, nature, circumstances, and social harm of the illegal act, and prohibits the use of administrative or criminal means to illegally intervene in economic disputes.

Hu Weilie said that for the first time, the draft has written "two unswervings" and "cultivating and promoting the spirit of entrepreneurs" into the law, and clearly stated that "promoting the continuous, healthy, and high-quality development of the private economy is a major policy that the state will adhere to for a long time". This fully shows that promoting the development of the private economy is a major policy that the party and the state have always adhered to and will continue to adhere to. Once these contents become legal systems, they will certainly promote the continuous, healthy, and high-quality development of the private economy.

Innovative Forms to Solve Funding Needs

Innovative forms to solve the funding needs of enterprises are a major challenge faced by both enterprises and the government. At the national level, a series of targeted and widely covered policy measures are being promoted with unprecedented strength.

Jungle, the deputy director of the Financial Regulatory Authority, introduced that the National Development and Reform Commission and the Financial Regulatory Authority have joined hands to establish a financing coordination working mechanism to support small and micro enterprises. The core of this mechanism is to establish a working team at the district and county level, to build a precise bridge for bank-enterprise docking, and to ensure that enterprises that are legally compliant, have good credit, and have real financing needs can obtain necessary financial support.Optimizing the debt-free loan renewal policy has become a crucial link in alleviating the financial difficulties of enterprises. This policy not only benefits small and micro enterprises but also extends to medium-sized enterprises in a phased manner, ensuring that eligible loans for renewal are not downgraded due to the renewal process itself.

Furthermore, the role of insurance mechanisms has been further explored. In areas such as construction engineering and foreign trade exports, innovative products such as performance bond insurance and customs duty insurance are gradually replacing traditional deposits. In the first half of the year, they have successfully helped 520,000 companies to mobilize funds and reduce turnover pressure. At the same time, export credit insurance companies provide a solid backing for export companies through a comprehensive financial service model of "credit protection + policy financing."

To relieve the concerns of grassroots credit personnel, the due diligence exemption system has also been improved, effectively stimulating the enthusiasm of financial institutions to implement policies to help enterprises.

From the perspective of effectiveness, these measures have significantly increased the scale and quality of financial supply. As of the end of August this year, the balance of RMB loans reached 252.02 trillion yuan, a year-on-year increase of 8.5%; insurance companies provided 28.8 trillion yuan of financing support through various means; inclusive small and micro enterprise loans and private enterprise loans achieved year-on-year growth of 16.1% and 9%, respectively. From January to August this year, the interest rate of newly issued inclusive small and micro enterprise loans decreased by 0.4 percentage points year-on-year.

In this context, Luo Wen, the head of the State Administration for Market Regulation, revealed that in the future, enterprises with high-quality products will also receive financial incentives from the state. The State Administration for Market Regulation is working hard to promote financial institutions to include quality capabilities, quality management, quality brands, and other quality reputation elements of enterprises into their credit approval and risk management models, especially to tailor financial products and services for small and medium-sized enterprises. Implement differentiated arrangements in credit limits, interest rates, financing periods, and repayment methods to improve the accessibility and convenience of enterprise financing. At the same time, promote the combined efforts of equity, funds, bonds, and other financing tools, which can achieve an annual increase in quality financing credit limits of 300 billion yuan, benefiting all types of enterprises.

Taking multiple measures to promote consumption and expand domestic demand

At present, many industrial enterprises are facing challenges such as insufficient orders and weak demand. Wang Jiangping, the deputy minister of the Ministry of Industry and Information Technology, said that in the fourth quarter, the Ministry of Industry and Information Technology will cooperate with relevant departments to introduce a series of specific measures aimed at promoting consumption and expanding domestic demand to help enterprises explore the market.

These measures will focus on investment-driven growth, accelerating the pace of industrial upgrading through the implementation of technological transformation and equipment renewal. This includes urgently issuing approvals and funds for ultra-long-term special treasury bond support projects, accelerating the disbursement of the signed 150 billion yuan of technological transformation reloans. Recently, a batch of new special reloan projects have been recommended to banks, and plans for new technological transformation pilot cities in the manufacturing industry in 2025 have been made in advance. Organize the construction of industrial field reserve projects to start construction as soon as possible, and form more physical work volume as soon as possible. At present, there are about 36,000 projects under construction and starting construction in the industrial field, which is expected to drive investment of more than 11 trillion yuan in the next three years.

In terms of expanding consumption, the Ministry of Industry and Information Technology will organize a series of actions to improve supply and promote upgrades. It will not only continue to promote the policy of exchanging old consumer goods for new ones but also continue to hold special events for new energy vehicles in rural areas before the end of the year. At the same time, it will promote the rural deployment of charging infrastructure and add a batch of pilot cities for the full electrification of public vehicles. At the same time, the Ministry of Industry and Information Technology will also start building a Chinese consumer product matrix, carefully select thousands of Chinese consumer products from three dimensions of historical classics, excellent products of the times, and trendy new products, and launch the first batch of 100 high-quality brands with global recognition. Through global communication and promotion activities, it will enhance the international influence of Chinese brands.

On this basis, the layout of characteristic food production areas across the country will be built, the "improving supply and promoting upgrades" of textiles and garments will be organized, and the "Foodie Festival" and other "three products" national activities will be carried out to stimulate consumer demand and continue to expand domestic demand.Luo Wen introduced that the upcoming "Opinions on Guiding Online Trading Platforms to Play a Positive Role in Traffic and Supporting the Development of Small, Medium, and Micro Enterprises" will encourage online trading platform companies to reasonably allocate traffic resources, especially towards agricultural product operators, characteristic operators, and newly settled operators. By combining large-scale promotions and other activities, it will increase traffic support for platform-based merchants, helping them to improve the efficiency of traffic utilization and enhance their operational management level. This will fully stimulate the internal motivation and market vitality of the operators within the platform, contributing to the expansion of domestic demand and promoting consumption.