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State Council promises more support for private sector in 2019

China’s cabinet presented some preliminary measures aimed at shoring up the country’s strained private sector in 2019, as fallout from the slowdown and trade tensions is expected to extend into next year, Bloomberg reports.

Private firms can look forward to tax cuts and more financing available via bank loans, according to minutes from the Council’s meeting. Regulators will also shorten the review time for IPOs and refinancing applications.

The meeting also decided to focus on working with state asset managers and insurers to lower the risk attached to stock-pledged loans to private companies, a problem that came to light several months ago as some investors began to dump their stock during a market rout.

Policy makers will also ensure more equal treatment for both domestic and foreign companies of all sizes, particularly in land-use decisions. The statement also repeated a previous objective to protect the property of private entrepreneurs.

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