Fresh steps set to boost private sector

China's market regulator has rolled out a new set of measures aimed at boosting the private sector, pledging stronger legal protections, fairer competition and lighter-touch regulation as Beijing seeks to revive business confidence amid slowing economic growth.

The State Administration for Market Regulation said on Sunday it had issued a 2026 action plan containing 34 key tasks designed to "promote the development and growth of the private economy".

The plan came as Chinese policymakers intensify efforts to shore up the private sector, which accounts for the bulk of employment and a large share of economic activity.

According to the regulator, the measures will focus on balancing "standardized supervision and development promotion", while improving the business environment and strengthening support for private companies.

The plan pledged to improve China's fair competition legal framework and tighten oversight of business-related fees, while expanding credit incentives and policy support for small businesses and self-employed firms.

Authorities also vowed to deepen efforts to build a unified national market by dismantling regional barriers and curbing what officials described as cutthroat competition — a term widely used in China to describe destructive price wars and excessive competition that squeeze corporate profits.

The regulator also said it would promote more flexible enforcement methods, including remote inspections, contactless supervision and digital QR-code-based compliance checks for companies, in a bid to reduce administrative burdens and improve the fairness of law enforcement.

chengyu@chinadaily.com.cn