'12 Measures' a boost for private firms

Putuo District has released a dozen measures to support healthy development of the private sector.
'12 Measures' a boost for private firms
Ti Gong

Putuo unveiled a dozen policies to boost the private business sector at the meeting on December 18 which also saw cooperation agreements reached between banks, enterprises, industrial parks and governments to help private firms.

Putuo District has released a dozen measures to support healthy development of the private sector.

At a meeting with company officials on December 18, it pledged to “fully support private enterprises to become bigger and stronger, and actively create a strong private economy.”

Cao Liqiang, Putuo’s Party secretary, said: “Putuo District has always been the homeland of private enterprises, while private enterprises are also a golden business card of Putuo's image.”

He promised to help private enterprises reduce operating costs, while supporting their participation in government procurement and construction in key areas to create a fairer market environment while stimulating market vitality and creativity.

To achieve that goal, the "12 Measures" are aimed at all kinds of private enterprises in Putuo and include preferential tax policies, reductions in institutional transaction, land and labor costs as well as supporting private enterprises to carry out direct financing.

Private enterprises are also encouraged to participate in regional transformation and development, while carrying out technological innovation.

The government will strengthen intellectual property protection, ensure the legitimate operation of enterprises and promote the growth of entrepreneurs and other professionals, the Putuo government said.

Sixteen government bodies, including the district’s taxation bureau, market watchdog, administrative service center, as well as planning, human resources and finance authorities are to ensure the implementation of each measure.

Many innovative policies are involved in the measures. For example, Putuo will set up a service office to help regional companies to get listed. The district government will also support private firms to be selected by the city’s high tech nurturing bank.

A leading group has been established in the district’s investment promotion office to contact and serve private companies. The district’s one-stop service website will also be upgraded to offer more convenient administrative applications and approvals for such companies.

Financial support has also been greatly improved. It will support private enterprises to be listed on domestic and overseas capital markets, and grant a maximum of 3 million yuan (US$43,600) to enterprises for initial public offerings on the Shanghai, Shenzhen and Hong Kong stock exchanges.

The district encourages private enterprises to undertake major national and municipal projects, as well as set up key laboratories with awards of up to 2 million yuan. A maximum of 10 million yuan will be awarded to companies selected as the city’s key high-tech industry projects.

In addition, private enterprises are also encouraged to operate and manage key office buildings and industrial parks. Further awards and preferential policies will be offered to those making contributions to the regional economy or perform well on investment invitation.

Ding Zuohong, president of Yuexing Group, said Putuo District had provided many policy conveniences for the business. Its Global Harbor Mall and Yuexing Furniture mall had been supported in event operations, public services and brand communication.

Xu Renbin, president of Shanghai Poker City, an Internet firm, said the measures fully showcased the sincerity of the Putuo government to support private enterprises.

"I am deeply grateful for the opportunity given by reform and opening up, and I am grateful for the concern and support given by the fertile soil of Putuo's private economy," Xu told the meeting.

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