Zhejiang to further promote private economy development

East China's Zhejiang Province plans to unveil a regulation to further promote the vigorous development of the private economy.

A draft was released Sunday at the provincial people's congress.

As the private economy powerhouse, Zhejiang has implemented 31 policy measures to promote the high-quality development of private enterprises since December 2018, according to the government work report delivered Sunday at the annual session of the provincial people's congress.

In 2019, the added value of the private economy in Zhejiang increased by 9 percent and the exports of the private economy grew by about 10 percent.

In terms of financing, the loan balance of private enterprises and small and micro enterprises rose by 10.6 percent and 13.6 percent, respectively.

The province also carried out a series of preferential tax policies, reducing tax and other fees for private enterprises by 228 billion yuan (nearly 33 billion U.S. dollars) in 2019.

In 2020, Zhejiang plans to reduce tax and other costs for private enterprises by 270 billion yuan, according to the report.