27 policies launched to upgrade Jilin's individual business

A number of preferential policies were launched to help transform the individually-owned businesses into legitimate enterprises at a press conference in Jilin province on Nov 1.

For instance, newly transformed high-tech enterprises in Jilin will be able to enjoy a certain amount of privileges in corporate income tax payment.

Jilin government will provide special fund to bolster the development of cutting-edge technologies. Entrepreneurs with the potential to further progress the province's new economy will be offered bonuses for their research and development in the area.

Also, up to 4 million yuan ($577,028) can be loaned from local banks for individual innovators so as to encourage them to enter the market.

Up until September this year, private businesses have accounted for 76.48 percent of all market entities in Jilin province. "With such a significant number of private businesses, Jilin is well prepared for the transition of local economic structure," said Lin Yucheng, director of the Market Regulation and Management Department of Jilin province.