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Anhui province has come out with 30 new policies to support the development of the private economy, an official said at a press conference on Monday.
Wu Weiren, deputy head of the Department of Industry and Information Technology of Anhui Province, said that the policies include reducing private enterprises’ tax and making it easier for them to raise funds from banks.
As of October 31, the eastern Chinese province was home to over 1 million private companies and 3 million individual businesses which employed more than 13 million people altogether. The value-added output of the private economy reached 1.6 trillion yuan (US$231.6 billion) in 2017, accounting for 57.8 percent of its GDP.
Anhui will set up a 1 billion yuan fund to promote the development of the non-public sector, Wu said.
As part of its effort to ease the burden of taxes and fees on private companies, the province will no longer increase land prices if the land utilization rate and the plot ratio are raised, and make the term for the use of land flexible.
The province will establish a fund worth more than 10 billion yuan as financial aid for private companies that follow the direction of the country’s economic upgrading and have good prospects.
Financial institutions' new loans to private firms will make up no less than 50 percent of their new loans to all companies by 2020, according to Wu.
In addition, the province will narrow time frames for major items requiring administrative review. For example, a construction permit for industrial projects will be obtained within 45 workdays by the end of this year.
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