The "Opinions of the Central Committee of the Communist Party of China and The State Council on Promoting the development and growth of the Private economy" (hereinafter referred to as the "Opinions") was released in full on the 19th. This is after the Central Government issued the Opinions on Creating a Better Development Environment to Support the Reform and Development of Private Enterprises in 2019, and the private economy ushered in a heavy policy "gift package".

Private enterprises in the textile industry occupies a large proportion, but also an important pillar of the textile industry, the release of the "Opinions" on the textile industry what positive impact?

What are the key tasks of the Opinions?

First, we will continue to improve the environment for the development of the private economy. We will continue to remove barriers to market access, review and standardize the preconditions and approval standards for administrative approval, licensing, record-keeping and other government services. We will fully implement the fair competition policy system and strengthen anti-monopoly law enforcement to stop the abuse of administrative power to exclude and restrict competition. We will improve the incentive and restraint mechanism for social credit, improve the credit repair mechanism after the correction of dishonest behavior, and improve the government's good faith performance mechanism. We will improve market-based restructuring mechanisms.

Second, we will increase policy support for the private economy. We will improve financing support policies and systems, and improve a market-based mechanism for sharing financing risks with the participation of multiple parties. We will improve the mechanism for the regular prevention and liquidation of delinquent accounts, and increase the level of accountability and punishment for those responsible according to law and regulations. We will strengthen the guarantee of talent and employment demand, and strengthen the protection of the rights and interests of workers in flexible employment and new forms of employment. We will improve the mechanism for direct access to support policies and establish a mechanism for "free access" to support policies. We will strengthen policy communication and guidance based on expectations, and set a reasonable transition period based on actual conditions.

Third, we will strengthen the legal guarantee for the development of the private economy. We will protect the rights and interests of private enterprises and entrepreneurs in accordance with the law, and further standardize mandatory property-related measures. Establish a system and mechanism for preventing and controlling corruption at the source of private enterprises. We will continue to improve the intellectual property protection system, and strengthen the protection of original innovation by private, small and micro enterprises. We will improve the supervision and law enforcement system and eliminate selective law enforcement. We will improve the long-term oversight mechanism for fees charged by enterprises.

Fourth, we will strive to promote high-quality development of the private economy. We will guide private enterprises to improve their governance structure and management system, and encourage qualified private enterprises to establish and improve a modern enterprise system with Chinese characteristics. Encourage private enterprises to continue to increase investment in research and development, and accelerate digital transformation and technological transformation. Encourage private enterprises to improve their international competitiveness and strengthen brand building. Support private enterprises to participate in major national strategies, and participate in promoting carbon peak carbon neutrality and rural revitalization. We will standardize and guide the healthy development of private capital in accordance with the law.

Fifth, we will promote the healthy growth of private businessmen. We will foster and promote entrepreneurship and strengthen the ranks of representatives of the private economy. We will improve the education and training system for private businessmen, and establish a sound system of mentoring and guidance for young private businessmen. To comprehensively build a friendly and clean relationship between government and business, leading officials at all levels should have frank and sincere contact and exchanges with private entrepreneurs, and take the initiative to serve them.

Sixth, we will continue to create a social atmosphere that cares about the development and growth of the private economy. Guide the society to correctly understand the major contribution and important role of the private economy, resolutely resist, promptly refute and clarify the wrong remarks and practices that question the basic socialist economic system, and negate and weaken the private economy. Cultivate a public opinion environment that respects the innovation and entrepreneurship of the private economy, and strictly crack down on blackmail with negative public opinion in accordance with the law. Support private enterprises to better fulfill their social responsibilities and show a good image.