Shanxi gears up to bolster growth of business entities


Updated: 2022-01-26

North China's Shanxi province made moves in 2021 to bolster its local business entities – ranging from individual traders to large companies – and to improve their competiveness, according to a recently released work report issued by Shanxi Provincial Government. 

Moving forwards, Shanxi will seek to further relax market access and support the development of the private sector of the local economy. 

The province will encourage private enterprises to enter such fields as infrastructure, public services, public utilities, green protection and restoration, and to participate in mixed ownership reforms.

Moreover, local small and micro-sized enterprises and individual industrial and commercial entities will be supported, in terms of guiding them to boost their innovation.

Overall, Shanxi plans to strengthen its policy support and reduce the operational costs of business entities. 

Fiscal and taxation support will be given to the establishment of key enterprises, technological innovation and first-time entrepreneurship.

An inclusive financing guarantee system will be developed and credit and loans will be extended to facilitate the financing of small, medium and micro-sized enterprises. Furthermore, plans are for the province to optimize its supply of land for enterprises and reduce logistics costs.

In addition, the services and functions of various platforms will be ramped up to promote the cluster development of business entities.

The province will support local development zones above the provincial level, to build small and medium-sized industrial parks and high-level innovation and entrepreneurship platforms. It will also accelerate the development of online platforms and rural innovation and entrepreneurship parks, building offices to attract more business entities.