CHINA Beijing to implement 20 measures to support private business

CHINA

Beijing to implement 20 measures to support private business

China.org.cn

16:57, May 12, 2020

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File photo: CGTN

Beijing will implement targeted measures to support private businesses, in a bid to help companies hit hard by the COVID-19 outbreak to get back to work, as well as foster the high-quality development of private firms, an official from the Municipal Development and Reform Committee said recently.

According to the official, the city will further open up to private investment, including supporting private enterprises to participate in the reform of key sectors such as energy, telecommunications, and railways. It will also help companies to invest and participate in the operations of transportation, water conservancy, municipal public utilities, and other areas. In addition, private firms will receive support for participating in constructing facilities for medical health, education, elderly care, and other areas.

Companies are encouraged to take an active part in the construction of cutting-edge industries, including the new generation of information technology, and key projects such as "Three Cities and One District" and Beijing's sub-center.

Beijing will improve the business environment by updating the negative list on market access and removing hurdles facing private firms, in order to boost effective investment from the private sector. The city will also deepen reform to establish mixed ownership systems, and will increase the ownership share of private capital.

Targeting the pain points that private firms are faced with, the city is mulling over polices to create an equal and fair legal environment for protecting the rights and interests of private companies, the official said. The city is especially focusing on strengthening the protection of legal properties of private enterprises and entrepreneurs.

In addition, there are 13 innovative measures focusing on the major issues most concerning private firms, covering service, financing, project support, and other aspects.

In order to address the financing difficulties for SMEs, the city plans to set up loan service centers, and the central government will appropriate 30 million yuan (US$4.23 million) every year to support the private firms and SMEs in Haidian and Shijingshan districts, according to the city official.

In the fields of major project construction, private firms are encouraged to apply new technologies and products such as AI, block chain, and 5G toward building the venues of Beijing 2022 Winter Olympics, Beijing's sub-center, and Beijing Daxing International Airport.

In addition to optimizing the business environment, the city is also considering policies to lower costs for private firms, such as by reducing prices for electricity for general industrial and commercial use.

Beijing's private companies can expect to welcome a more open environment through exploring the international global market with the development of cross-border e-commerce. The coordinated development of the Beijing-Tianjin-Hebei region will also help to promote the integration of a regional market, the official said.

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