China supports growth of new business models

The Chinese government aims to support the healthy growth of new business models, in the latest move to boost consumption and create jobs.

Efforts will be made to further strengthen the digital economy, according to guidelines jointly released by the National Development and Reform Commission and 12 other government departments.

China will work to nurture more independent business owners and support self-employment amid measures to spur new types of private business to create new space for consumption.

According to the guidelines, costs will be lowered for individuals to start businesses online to offer diversified job opportunities.

New individual businesses are expected to create more jobs and vitality for the country’s transforming economy. The Internet Society of China estimated that China’s e-commerce market exceeded 2 trillion yuan (US$285.79 billion) in 2019, employing more than 48 million people.

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