(Yicai Global) July 21 -- Chiefs of Chinese private companies, including Tencent and TCL, have applauded the central government's fresh publication to support non-state-owned businesses.

The document that was released by the government on July 19 made institutional arrangements and gave clear guiding opinions on issues private firms care about, including the business environment, policy support, regulatory direction, law-based guarantees, and social atmosphere, Pony Ma, chairman of Tencent Holdings, wrote in an op-ed shortly after. The release encourages and guides firms to have faith and develop boldly, Ma added.

Via the document, the government put forward 31 targeted measures for the private economy in eight aspects, including optimizing sustainable development, strengthening policy support, and enhancing law-based guarantees.

The move provides fundamental guidance for high-quality development and will continuously boost private firms' confidence while stimulating entrepreneurship, per Li Dongsheng, founder and chairman of display maker TCL.

The timely release is a "cardiac stimulant" for private firms, Lin Jianwei, president of photovoltaic equipment company Jolywood Suzhou Sunwatt, told Yicai Global. The move spurs powerful development confidence right after the Covid-19 pandemic that is still causing economic tensions, Lin added.

The government proposed speeding up digital transformation and technological upgrading, which could further advance the high-quality development of the logistics supply chain, Chou Shaoning, chairman and chief executive of delivery firm Best. Logistics companies need to first digitize their own operations until they can help their clients go online, he added.

To move from blueprint to implementation, government agencies and provincial-level administrations could introduce specific support measures, Li Junwei, vice president of home appliance manufacturer Deerma Technology, said to Yicai Global.

Some firms offered concrete suggestions. Banks mostly require collateral when lending money to private firms whereas in Hong Kong, companies can borrow a sum equal to 600 percent of their tax payment, which encourages firms to pay their taxes, and the mainland could take a page from the practice, per Li Mingyang, general manager of Luckyway Home Appliances.

Editors: Xu Wei, Emmi Laine