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Xi said the government would reduce corporate burdens including
value-added tax cuts and tax exemptions for small businesses and
tech startups, according to the official Xinhua news agency,
while promising an equal business environment for all firms.
The country's private economy could only expand, not be
weakened, Xinhua cited Xi as saying.
The remarks come amid a state campaign to shore up confidence in
the world's second-largest economy.
Latest indicators show slowing private consumption and effects
of a trade war with the United States are starting to undercut
growth, forcing policymakers to respond.
The economy grew by a slower-than-expected 6.5 percent in the
third quarter, its weakest since the global financial crisis,
and analysts believe business conditions will get worse before
they get better.
Authorities have in recent months unveiled a series of fiscal
and monetary policy steps including cuts in reserve requirements
for lenders, tax cuts and more infrastructure spending in a bid
to ward off a sharp slowdown.
The government has recently focused on taking steps to ensure
adequate financing for the private sector, particularly smaller
firms facing liquidity problems.
China will also seek to expand financing channels for private
firms and provide financial aid to firms with healthy prospects,
according to Xi.
In a politburo meeting chaired by Xi on Wednesday, the
government said it would take more timely steps to support the
economy, which faces increasing pressures.
(Reporting by Beijing Monitoring Desk; Editing by Kim Coghill,
Robert Birsel)
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