As China’s intense crackdown on the private sector continues, the nation’s Vice Premier has made a pledge to support businesses

In a speech, the Vice Premier says “the principles and policies for supporting the development of the private economy have not changed”.

It follows Beijing imposing new regulations on a number of industries from after-school tutoring to broad internet-based platforms.

The VP is President Xi Jinping top economic advisor, meaning his comments carry a lot of weight.

He says that China must stick with its socialists market economy reforms and move forward with opening up the market.

The VP affirmed that the nation’s private sector has contributed to more than half of China’s tax revenue, whilst providing 80 per cent of all urban jobs.

China’s tightening of restrictions and regulations on a number of sectors a few weeks ago caused a widespread panicked selloff, which wiped off 1.5 trillion from Chinese stocks at its lowest point.

Beijing knows it has to support the development of the private industry to ensure an established economy moving forward, whilst also improving employment figures.