Authorities in Zhejiang Province, a key manufacturing hub in eastern China, are intensifying efforts to enhance the high-quality development of the province’s private economy by implementing policies to create a more favorable business environment for private enterprises, according to Wang Hao, Secretary of the Communist Party of China (CPC) Zhejiang Provincial Committee.
Zhejiang plans to further optimize its market-oriented, law-based, and internationalized business framework this year to support the high-quality development of private companies, said Wang.
In one measure to enhance the business environment, Zhejiang is swiftly advancing governance reforms in the bidding and tendering sector, focusing on dismantling hidden barriers.
The province is also refining mechanisms for timely settlement of outstanding payments owed to enterprises, efficiently addressing issues like commercial bribery and intellectual property infringements.
Zhejiang has outlined the "three 70 percents" policy, wherein over 70 percent of provincial industry fund investments should be directed towards private projects, at least 70 percent of annual new energy consumption indicators should support private investments, and over 70 percent of land is allocated for private investment projects.
"This year, we will reduce the burden on market entities by over 250 billion yuan (about 35 billion U.S. dollars) and provide approximately 400 billion yuan (about 55 billion U.S. dollars) in interest-free loan renewals. We will support private enterprises in actively participating in major national strategies and enhancing security capacity in key areas as well as in large-scale equipment upgrades and consumer goods trade-in programs. We will also ensure that pro-business policies are implemented efficiently and benefit all eligible enterprises, focusing on providing optimal services, minimizing costs, and maximizing efficiency to create a favorable environment for the development of the private economy," said Wang.
Wang emphasized the importance of maintaining open communication between the government and businesses, ensuring a supportive yet regulated and legal environment that effectively addresses challenges faced by private enterprises.
"We will steadfastly follow General Sectary Xi Jinping's guidance to support private enterprises and entrepreneurs in daring to make bold explorations and lead in innovation by fully leveraging their role as drivers of innovation. We will also support and guide them to pursue excellence, enhance quality and efficiency, further refine corporate governance structures, and strive to build modern enterprises and world-class corporations. Through these efforts, we aim to achieve new glories and make fresh contributions in advancing Chinese modernization," said Wang.
Zhejiang authorities push high-quality development of private economy with favorable policies
