China outlines continued support for private sector

China's top economic regulator has signaled continued policy support for the private sector as policymakers seek to consolidate growth momentum and meet the country's full-year development goals amid rising external uncertainties.

On Monday, Zheng Shanjie, head of the National Development and Reform Commission, held a meeting with executives from five private companies - Sanquan Food Co, Suzhou HYC Technology Co, Easy Click Worldwide Network Technology Co, Beijing Galbot Co and Jiangxi Feishang Technology Co - to listen to views on China's economic performance to date in 2026 and work plans for the second half of the year.

The meeting came days after data released by the National Bureau of Statistics showed that China's economy expanded 4.7 percent year-on-year in the first half. Zheng said the economy remained on a stable footing in the first half, with new quality productive forces gaining momentum and the shift toward innovation-driven and high-quality development continuing.

During the meeting, business leaders said they were confident in their ability to meet their full-year production and operational targets. They also noted that China's economy had weathered mounting external headwinds and continued to make steady progress since the beginning of the year, underscoring its strong resilience and vitality, according to a statement posted on the NDRC's website.

They also called for closer industrial-chain coordination, faster upgrading of traditional industries, stronger development of innovative talent, greater support for data and other production factors, and a better-regulated tendering and bidding market.

In the face of external uncertainties, Zheng urged private entrepreneurs to remain confident, capitalize on opportunities created by evolving demand and industrial upgrading, stay focused on their core businesses and pursue high-quality development.

Zheng said the NDRC intends to better leverage the combined effects of existing and incremental policies, cultivate new drivers of consumption growth and facilitate a smooth transition from old to new growth drivers.

The commission will further develop a high-quality data supply system and advance the building of a unified national market, helping strengthen the economy's endogenous growth momentum and unleash greater market vitality, Zheng added.