Li Yunze, head of the National Financial Regulatory Administration of China, gives an interview after the opening meeting of the third session of the 14th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 5, 2025. [Photo/Xinhua]

China will step up efforts to facilitate financing for private enterprises and micro and small enterprises, Li Yunze, head of the National Financial Regulatory Administration, said Wednesday.

China will increase the supply of credit to private enterprises, and reduce overall financing costs to deliver more benefits to businesses, Li said on the sidelines of the ongoing session of the national legislature.

Private enterprises account for over 92 percent of all companies in China, and their share in micro and small enterprises is even higher, Li noted.

In a government work report unveiled Wednesday, China has pledged to refine and develop new structural monetary policy instruments to provide stronger support for private businesses and micro and small enterprises.

Half a month before the annual sessions of China's top legislature and political advisory body, China held a high-level symposium on private enterprises, sending a signal of strong support for private businesses.

As part of its latest efforts to ramp up the growth of the private sector, the country is also advancing the private economy promotion law, in a move to dismantle barriers, unlock the sector's full potential and create a fairer and more dynamic business environment.