CHINA unveiled its latest slate of measures designed to bolster private sector businesses as policymakers double down on efforts to support what is by far the country’s largest source of jobs.

The steps announced late Sunday by the State Council aim to help private firms gain better market access and equal regulatory treatment as their State-owned peers.

Among actions to be taken are the further opening of key industries to non-State investors, including energy and finance, and also facilitating equity and bond sales by private sector businesses.

Pressure on policymakers to act has mounted as U.S. tariffs sap demand for Chinese exports and an ongoing campaign to rein in the country’s shadow banking industry tightens the availability of financing. The private sector, which accounts for nine out of every 10 new jobs created in China, has been hardiest hit.

Private firms account for 50 percent of the country’s tax revenue, 60 percent of gross domestic product and 80 percent of urban employment, according to government statistics.

The newly announced steps were released as a unified Central Government document, the first that China has ever published specifically focused on the private sector.

Measures outlined in Sunday’s document include giving private-sector investors access to the electricity, telecommunications, railway, oil, natural gas sectors, including allowing them to become shareholders in telecom carriers and major stakeholders of power generation and distribution businesses

Private companies will be allowed to enter the exploration, storage and transportation of oil and gas.

The measures said that the government will support qualified private firms to import and export oil and improve banking services for private firms, including adopting a higher tolerance for the ratio of nonperforming loans to small firms.

To help companies raise funds, the government will support direct financing by private firms, including encouraging them to be listed on China’s NASDAQ-style technology board in Shanghai.

It will also back the bond issuance of these companies and lower the threshold for new convertible bonds. It will draw new investors by allowing funds held by asset management and insurance firms to invest in private equity funds.

Private firms are encouraged to take part in the restructuring of State-owned enterprises and the construction of mega-city clusters.

The government will also offer more tax breaks and broaden incentives to more firms, according to Xinhua, which didn’t specify the industries.

(SD-Agencies)