Putuo releases 24 measures to boost private economy

Shenjiamen Fishing Port, the largest natural fishing port in China and one of the top three fishing ports in the world, is located in Putuo district, Zhoushan, East China's Zhejiang province. [Photo/zj.zjol.com] 

Putuo district in Zhoushan, East China's Zhejiang province recently launched 24 measures to promote the high-quality development of the local private economy.

These measures focus on six areas to benefit private enterprises, namely reducing financial burdens, providing better financial services, helping with talent recruitment, enhancing the overall business climate, supporting innovation-driven business transformation and upgrading, and helping private companies go global.

"Innovation plays a key role in promoting business transformation and upgrading of private enterprises," said a local official when interpreting the measures, six of which support companies' innovation by such methods as promising incentives for setting up technology R&D centers. 

Awards as much as 2 million yuan ($293,000), 500,000 yuan and 100,000 yuan will be granted to company research centers that have been rated as national, provincial and municipal levels, respectively, for the first time. 

To ensure a more open climate for private companies to go global, there are measures enlarging access to investment in the oil & gas industrial chain of the China (Zhejiang) Pilot Free Trade Zone intended to attract investment from private companies in import, processing, warehousing, transport and trade of oil and gas. 

Measures for deepening reform on port trade facilitation and promoting independent company brands are also available.

In addition, the measures focus on tax and financing cost reduction to ease company burdens, and increase credit loans to them at the same time. More high-profile talents are to be introduced and administrative approval is to be streamlined to better serve private companies. 

Local authorities also established a special task force to conduct overall planning and supervision to ensure the measures are implemented and effects appear as soon as possible.