Shanghai's private sector continues to grow
In the first six months of this year Shanghai added 1,870 high-tech firms, 80 percent of which were privately held, representing a major growth engine for local development and economic transformation, according to the Shanghai Commission of Economy and Information Technology, the local industry regulator.
Private firms have also contributed to trade, consumption and local tax revenues, government officials said.
In total, 41 firms have listed on the SSE STAR Market since it debuted in June. From Shanghai, 10 firms are listed on the new STAR Market, and eight of them are private.
The sci-tech innovation board, which was initially proposed during the first China International Import Expo last year, is the country's latest move to reform the capital market and spur innovation. It is designed to focus on companies in high-tech and strategic emerging sectors, with less strict listing criteria but higher requirements for information disclosure.
Meanwhile, Shanghai offers an improved business environment for private firms. So far this year, the city has offered tax reductions of more than 100 billion yuan (US$14.3 billion) to private firms.