The Ministry of Industry and Information Technology (MIIT) said on November 4 that it would take various measures to facilitate the development of private businesses.

Miao Wei, Minister of the MIIT, said his ministry would accelerate the informatization of small and medium-sized businesses, keep organizing more contests on innovation and entrepreneurship, and reinforce the protection of intellectual property to support private businesses' innovation and improve their competitiveness.

"We encourage small and medium-sized enterprises to assess their characteristics and exploit advantages in certain fields to ensure better and faster development," Miao said.

The MIIT will relax market access and lift barriers to allow private businesses to enter industries including telecommunication.

Apart from establishing platforms for demonstration and exchange of innovative technologies, the ministry will encourage private enterprises to participate in advancing military-civilian integration by guiding them toward defense construction and utilizing advanced military technologies for growth.

"The MIIT will also continue making efforts to tackle the financing difficulties of small and medium-sized enterprises," Miao pledged.

To promote the financing of small and medium-sized enterprises, the ministry will introduce administrative regulations to prevent defaults, expand credit to small and medium-sized enterprises, increase fiscal support and channel funding.

"The MIIT has asked related administrations for suggestions and will shortly submit the measures to the State Council," Miao said.

(Xinhua News Agency November 5, 2018)