China vows more support for private sector to stabilize growth

China unveiled its latest slate of measures designed to bolster private-sector businesses as policy makers double down on efforts to support what is by far the country's largest source of jobs.

The steps announced Sunday by the State Council, China's cabinet, aim to help private firms gain better market access and equal regulatory treatment as their state-owned peers. Among actions to be taken are the further opening of key industries to non-state investors, including energy and finance, and also facilitating equity and bond sales by private-sector businesses.

Pressure on policy makers to act has mounted as American tariffs sap demand for Chinese exports and an ongoing campaign to rein in the country's shadow banking industry tightens the availability of financing. The private sector, which accounts for 9 out of every 10 new jobs created in China, has been hardiest hit thanks to what critics say is a regulatory regime that tilts business conditions in favor of state-owned companies.

It's hard to understate how important private firms have become to China's economy. They account for 50% of the country's tax revenue, 60% of gross domestic product and 80% of urban employment, according to government statistics.