A panorama of Yangquan city [Photo/Yangquan Daily]

The city of Yangquan located in North China's Shanxi province recently issued a new policy aimed at boosting the numbers of business entities there, ranging from sole traders to partnerships and major companies. 

The policy envisages that by 2025, the number of business entities in the city will top 200,000 and industrial enterprises above a designated size – those with annual revenue of 20 million yuan ($2.95 million) or more – will exceed 600.

Under the plan, the number of high-tech enterprises in that year is projected to be over 200, while the number of listed companies will exceed 60.

To attain these goals, the policy has outlined 16 tasks in three areas of endeavor, including accelerating the cluster development of platforms for market players. 

Moving forwards, Yangquan will implement 32 specific measures in six areas – including facilitating market access, business entity start-ups and operations, fiscal and taxation support, financial support and services that target enterprises.

The city will implement incentives and subsidies for key enterprises that locate in the city. It will increase its fiscal and taxation support for scientific and technological innovation, and improve its first-time entrepreneurship support policies.