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City favors manifold steps to encourage private sector

(cityofzhuhai.com)

Updated: 2021-05-17

Recognizing 350,000 private business entities as the main engine of Zhuhai's economic growth, the city government has introduced policies to guide, finance, and encourage micro, small, and medium-sized companies.

High-quality development of the local private economy will also benefit from: Giving private companies access to broader markets, building product exhibition halls, posting online government-enterprise displays of SME products, holding Zhuhai Entrepreneur Day to commend outstanding private entrepreneurs and grant Honorary Citizen status to those without local household registration, and establishing a demonstration zone for private-company economic reform and innovative. 

The policies announced at a May 13 press conference address improved government services, smoother financing processes, reduced production and operation costs, optimized business environment, and assistance in expanding markets.

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Policy briefing [Photo courtesy Nanfang Plus]

As for government services, the city will maintain the principle of "competitive neutrality" without additional requirements for private companies. Mixed-ownership reform will see progress while policies relating to land purchases, storage, and urban renewal will be streamlined. And private companies are encouraged to go public.

In terms of financial support, incubation services will be provided to listed companies; policies will promote investment in micro, small, and medium-size enterprises; and banks will improve credit mechanisms for SMEs. 

In addition, the innovative development of small and medium-sized enterprises will be backed with investment funds, innovation and entrepreneurship projects will be supported, and private companies will be guided to improve management. 

As of 2020, the city was home to 350,000 private business entities, accounting for 92.3 percent of the city’s total number of enterprises. The private sector contributed 42.4 billion yuan ($6.58 billion) in taxation last year -- 44 percent of the city’s total. The value-added figure for the private economy -- 165.6 billion yuan ($23.68 billion) -- accounted for 47.6 percent of the city’s GDP. 

But there still are a relatively low number of leading companies, according to Fu Zhi, deputy director of the Zhuhai Bureau of Industry & Information Technology.


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