CHINA has approved setting up a special bureau within the National Development and Reform Commission (NDRC) to promote the development and growth of the private economy, the NDRC said yesterday.

The bureau will be responsible for coordinating and drafting policies to promote the development of private companies, both domestically and in terms of their international competitiveness, and provide a trouble-shooting function, said Cong Liang, vice chairman of China’s top economic planner.

Private firms are major employers in the economy and contribute to over half of the nation’s fixed-asset investment.

In July, the government pledged to treat private companies the same as State-owned enterprises. The NDRC later issued a 17-point plan to revive private investment. (SD-Agencies)