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Chinese vice premier praises private sector
BEIJING—A top Chinese economics official pledged strong government support Sunday for the country’s private businesses, in remarks likely to hearten a sector beleaguered by a credit crunch and downturn in exports. Vice Premier Zhang Dejiang said private industry is a force for social stability and an important part of China’s hybrid “socialist market economy.” Private businesses are major job creators and play a key role in establishing a comprehensive social security web, Zhang said in a speech to businesspeople in Beijing.
“The development of the private sector deserves our unswerving encouragement, support, and guidance,” Zhang said. Zhang's remarks will be welcomed by the private business community, which has suffered from a hollowing of demand in crucial export markets in Europe and a weakening real estate industry. Unable to obtain loans from state-run banks, thousands of small businesses have been forced to borrow privately at exorbitant rates and many are now failing or on the verge of bankruptcy.
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