Zhuhai city eyes greater private economic growth

Yunzhou Intelligent Technology Co Ltd helps breathe new life into Zhuhai's private sector. [Photo by Zhong Fan / Zhuhai Daily]

The added value of Zhuhai's private sector reached 71.2 billion yuan ($10.3 billion) during the first three quarters of the year, a year-on-year increase of 5.0 percent. The city is working to create a better environment for the development of private enterprises.

According to professional analyses, Zhuhai's private sector growth is lower than its overall GDP growth. The main reason for this was the sluggish growth of the city's tertiary sector of the private economy. Also, the added value of private industrial development in the city was not as high as last year.

In November, the Guangdong provincial government issued "Several Policy Measures for Promoting the High-quality Development of the Private Economy" in an attempt to boost private sector growth.

The Zhuhai government has also proposed improving examination and approval services, easing restrictions on market access, reducing duties and taxes, and simplifying finance-related issues. Relevant departments would collaborate to provide coordinated business and commercial services and protection of intellectual property rights would be enhanced.

Zhuhai is looking to save private enterprises 6 billion yuan this year alone. It also hopes to help meet their financial needs to the tune of 1 billion yuan by the end of this year, and an additional 1.2 billion yuan next year, according to the local government.