(Photo/Forum on the SMEs Development of Digital Trade Empowered by Digital Finance)

China has launched a website for the bureau for private economy development under the website of the National Development and Reform Commission (NDRC), as the latest effort to boost the private economy.

China announced the set-up of the bureau under the country's top economic planner in September. Cong Liang, deputy head of the NDRC, told a press conference in September that the bureau was established to strengthen policy coordination in relevant areas and ensure that related measures are implemented as early as possible and achieve tangible results.

The main responsibilities of the bureau include tracking, studying, and analyzing the development of the private economy, coordinating and organizing the formulation of policies and measures to promote its development, and formulating policies to promote the growth of private investment, according to the commission.

The bureau will also be responsible for establishing a mechanism for regular communication with private enterprises, coordinating efforts to solve major problems concerning the development of the private economy, and working toward enhancing its international competitiveness.

The set-up of a special bureau dedicated to private economy under the NDRC will provide robust organizational support for promoting the high-quality development of the private economy and achieving coordinated efforts and will accelerate the implementation and achieve tangible results rising from major initiatives, experts said.

The support for the private sector, especially small and medium enterprises was also discussed at a sub-forum at the ongoing Global Digital Trade Expo in Hangzhou, East China's Zhejiang Province.

Friday’s forum focused on empowering small and medium-sized companies through digital finance.

During the forum, the Bank of China introduced a solution for cross-border e-commerce B2B transactions using digital yuan. Ant Group showcased innovative applications of digital yuan in the realm of industrial collaboration.

Sinosure has released a report that provides valuable insights for small and medium-sized foreign trade enterprises, helping them navigate various risks.

Academy of China’s Digital Economy and Global Economic & Trade Rules of Zhejiang University of Technology together with Zhejiang Academy of Commerce released a digital trade development index report 2023, which reflected China’s increasing strength in the sector.

Digital trade has greatly improved efficiency compared to the SWIFT network, which is expected to facilitate cross-border trading for SMEs, Paul Li, President of Hong Kong Fintech Industry Association, also a speaker of the forum told the Global Times on Friday.

For example, the digital yuan can provide smaller companies instant transaction services, lower their foreign exchange risks, he said.

China's private economy is showing signs of marginal improvement as a result of a series of policies aimed at supporting its development.

China in July issued a top-design policy guideline to boost private economy. The 31-point guideline touched on a variety of issues that are of key concerns to private businesses, ranging from market entry, fair competition, legal protection, financing support and fundraising to intellectual property right protection and innovation input.

The development of private enterprises in China has maintained positive momentum in the first three quarters of this year. The number of newly established private enterprises nationwide reached 7.06 million, a year-on-year increase of 15.3 percent, according to recent data released by the State Administration for Market Regulation.

By the end of September, the total number of registered private enterprises in China exceeded 52 million, accounting for 92.3 percent of the total number of enterprises, representing significant support for the improvement of the economy.