China says two policies to support business coming soon

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A view of high-rise buildings is seen along the Suzhou Creek in Shanghai, China on July 5, 2023. BEIJING — China's economic planner said Thursday that two new policies for supporting non-state-owned businesses will be launched soon. While it did not specify a date, the policy plans come a day after China's top party and government leadership announced lengthy "opinions" on supporting non-state-owned businesses. Business sentiment has generally soured amid lackluster economic growth after China's initial recovery from the pandemic. The last three years have also seen heavy-handed crackdowns on internet platform companies, the education and gaming sectors as well as real estate developers. But even as growth slows, a long-standing debt overhang, among other issues, has made Beijing reluctant to embark on large-scale stimulus. The two forthcoming policies will focus on promoting business investment and their overall development, Li Chunlin, deputy director of the National Development and Reform Commission, said in Mandarin, translated by CNBC. He was speaking at a press briefing Wednesday about developing the non-state-owned part of the economy.