East China’s Jiangsu province recently issued the "Opinions on Promoting the High-quality Development of the Private Economy" in a bid to promote the development of the private economy in the province and make it at the forefront of the country.
The opinions clearly define an overall goal. By 2022, the added value of private enterprises will account for about 60% of the regional GDP, and the proportion of private investment in social investment will increase to about 75%. The opinions also propose 30 specific measures for eight key tasks.
In order to create a fair market environment, Jiangsu will encourage private capital to enter all industries and fields where laws and regulations do not explicitly prohibit access. The total annual procurement budget of provincial departments is specifically aimed at small and medium-sized micro-private enterprises with the proportion falling within a range of no less than 40%.
Jiangsu will implement long-term leases of industrial land and other supply methods, reduce the cost of land for private enterprises, and prohibit all kinds of donation sponsorship indicators against the will of enterprises so as to reduce the burden on private enterprises. In addition, the pilot program for accelerating the credit commitment system of enterprise investment projects will be accelerated to shift from approval before construction to test after construction.
In order to smooth the financing channels of enterprises, Jiangsu will strive to ensure that the banking industry's loans to private enterprises account for no less than 50% by 2021, and accelerate the establishment of a provincial-level bailout fund of 10 billion yuan to resolve corporate financing risks.
Jiangsu will also speed up the revision and improvement of the implementation rules of the provincial technical reform comprehensive award fund, and effectively reduce the risk of investment in technological transformation of private enterprises in order to enhance the ability of scientific and technological innovation. The private enterprise technology entrepreneurs with outstanding performance will be directly awarded senior titles through the green channel.
In addition, the opinions also made specific arrangements from the aspects of improving the strength of private enterprises, improving the service guarantee system, and protecting the legitimate rights and interests of enterprises. The goal is to ensure that the province’s private economy ranks in the forefront of the country in terms of innovation, scale and efficiency through a series of measures.
(Source:ourjiangsu.com)
