China to launch major projects worth 3 trillion yuan to boost private sector

(ECNS) -- China is rolling out a series of measures to spur private sector growth, including major projects totaling 3 trillion yuan ($416.2 billion) slated to launch in 2025, officials said at a press conference held by the State Council Information Office on Thursday.

These projects involve transportation, energy, water resources, new infrastructure, urban infrastructure, and other key areas, according to Zheng Bei, deputy head of the National Development and Reform Commission (NDRC).

In areas like industrial equipment renewal and resource recycling and reuse, private enterprises contribute over 80 percent of the investment, Zheng explained.

China's top legislative body passed the private sector promotion law in late April, establishing a legal backing for the steady and healthy growth of the vast sector. The newly passed law will come into effect starting May 20 this year.

(By Zhang Dongfang)