Guangxi issues 55 measures to boost private economy

Guangxi Zhuang autonomous region has recently issued 55 measures to spur the development of the private sector, which is expected to have an annual growth rate of more than 7.5 percent by 2020.

Most notably, local government will allocate 20 billion yuan ($2.9 billion) to help finance private enterprises, and 10 billion yuan to raise the rediscount quotas for small- and micro-sized enterprises in both 2019 and 2020.

The primary concerns of private companies will also be addressed, as government affairs will become increasingly digital, and administrative approval processes related to business will be further streamlined.

Xu Shaochuan, a member of the Standing Committee of the Party Committee of Guangxi Zhuang Autonomous Region, introduces the 55 new supportive measures at the 2018 annual conference of the Guangxi Merchants Federation on Jan 6. [Photo/Chinanews.com]

Xu Shaochuan, a member of the Standing Committee of the Party Committee of Guangxi Zhuang Autonomous Region, introduces the 55 new supportive measures at the 2018 annual conference of the Guangxi Merchants Federation on Jan 6. [Photo/Chinanews.com]

To reduce the logistics costs of private businesses, Guangxi will gradually stop charging tolls at all local roads and bridges, and offer discounts on ETC tolls on expressways. Companies engaging in cold-chain logistics will enjoy favorable electricity prices.

National and autonomous region-level incubators of sci-tech enterprises, university sci-tech parks and nationally-accredited maker spaces will be exempt from property tax, land-use tax, and added-value tax on revenue from incubation services.

Other measures include attracting more investment, improving leadership in the private sector, forging a close but clean government-private sector relationship, and more.