China on Friday unveiled a new guideline designed to support private enterprise reform and development, as well as transformation and upgrading.

Released by the National Development and Reform Commission and five other central departments, the guideline aims to cushion the impact of COVID-19, further stimulate the private sector’s vitality and creativity, create a better business environment and create more jobs.

The document said China will further ease market access for private enterprises and open the energy conservation and environmental protection businesses in fields of oil, chemical, electricity and natural gas. Private enterprises are encouraged to participate in the construction of major railway projects, railway stations, logistics and express delivery sectors.

According to the new guideline, the country will support private sector involvement in banking, securities, asset management, bond market and other fields in the financial service sector.

More efforts will also be made to continue to reduce taxes and fees, reduce costs for energy consumption, promote the digital transformation of private enterprises, support private companies to go global and solve financing difficulties for them, the document said.

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