China’s Liu He says support for private business has not changed By Reuters

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© Reuters. Chinese Vice Premier Liu He attends the closing session of the Chinese People’s Political Consultative Conference (CPPCC) at the Great Hall of the People in Beijing, China May 27, 2020. REUTERS/Thomas Peter/Pool/Files

BEIJING (Reuters) – China’s Vice Premier Liu He said the private economy must be supported and that “guidelines and policies for supporting the private economy have not changed…and will not change in the future,” according to a report from state-owned news agency Xinhua.

Liu was speaking via video at a forum on Monday on the digital economy held in China’s northern province of Hebei.

China has launched a crackdown on a range of industries, leaving startups and decades-old firms operating in an uncertain environment.

The private economy has contributed over 50% of tax revenue, over 60% of China’s GDP and 80% of urban employment, said Liu.

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