China unveiled a guideline to promote the development of the private sector on Wednesday, its latest step to boost support for private firms as part of the country's larger drive to revive economic recovery amid downward pressures.

The guidance details 31 measures, including improving the policies and systems for financing support, protecting private firms' property rights and the rights and interests of entrepreneurs in accordance with the law, as well as supporting platform firms' development to generate jobs and spur consumption. China has also pledged efforts to continuously remove market entry barriers and fully implement policies for fair competition, according to the document released by the Communist Party of China Central Committee and the State Council.

China: More efforts to support the development of platform firms

On July, 13, China's top economic regulator pledged efforts to support platform companies to play a bigger role in bolstering economic growth, job creation and international competition. The National Development and Reform Commission and other government departments have recently conducted fact-finding research of platform enterprises and unveiled a number of green light investment cases. Green light investment refers to investment deals mainly involving new technologies and services that can help empower the real economy.

The NDRC said the country's top 10 platform companies in terms of market valuation have stepped up investments in fields such as chips, autonomous driving, new energy and agriculture in the first quarter of this year, an increase of 15.6 percent compared with the previous quarter. These investments will promote technological innovation and empower the development of the real economy, the NDRC said, adding that the authorities will continue to announce new green light investment cases for platform enterprises