Hong Kong CNN —China has promised to throw its weight behind private businesses, just days after a slew of economic data showed growth momentum had slumped.
The measures include promises to break down barriers to market access for private firms, to “fully implement” a system of fair competition and to strengthen enforcement of anti-monopoly laws.
“We believe that the … pivot from the top level is real, but it’s not enough to bring back the animal spirit among private companies,” Larry Hu, chief China economist at Macquarie Group, wrote in a research note.
That pledge had marked a major shift from leader Xi Jinping’s years-long effort to rein in private businesses, which were perceived as too powerful and disorderly.
The Nasdaq Golden Dragon China Index closed 0.7% higher, after falling in several previous trading sessions.
Persons:
“, Larry Hu, Xi Jinping’s, Premier Li Qiang, Li, ”, Ma, Lei Jun
Organizations:
Hong Kong CNN, Communist Party, State Council, Macquarie Group, ”, Investment, Premier, Alibaba, Tencent, Nasdaq, Dragon
Locations:
Hong Kong, China, Beijing, New York, Dragon China, Shanghai