China boosts support for private enterprises in upgrade, trade-in programs

China will step up support for private enterprises to participate in large-scale equipment upgrades and consumer goods trade-in programs, amid a broader drive to boost domestic demand and spur economic growth, according to the country's top economic regulator.

The private sector has become an important driving force for advancing Chinese modernization, and plays a vital role in bolstering high-quality economic growth, said Wen Hua, deputy director-general of the Department of Resource Conservation and Environmental Protection at the National Development and Reform Commission.

Wen said that the commission will collaborate with relevant government departments to strengthen the implementation of the programs, enhance financial support for the private economy, while optimizing the policy environment to facilitate the participation of private enterprises.

This year's Government Work Report stated that ultra-long term special treasury bonds totaling 300 billion yuan ($41.3 billion) will be issued to support consumer goods trade-in programs.

The NDRC will also make greater efforts to eliminate market access barriers for key participants in the consumer goods trade-in programs, streamline the review process, expedite fund approvals and disbursements, to ensure that private enterprises can benefit from these policy initiatives, Wen said.