Yantai rolls out policies to help private companies

The coastal city of Yantai, Shandong province rolled out policies to support the development of local private companies.

The policies, implemented on March 1, aim to create a more favorable environment, encourage the development of local private economy, and help privately-owned companies with financing, public services and fair market competition.

According to the policies, local municipal, county and district governments will ensure that private companies receive the same restructuring and project investment opportunities as state-owned enterprises.

Government departments are not allowed to set additional restrictions on private companies when it comes to government bidding activities.

In terms of financing, local governments will help qualified private companies raise funds by listing at home and abroad, issuing bonds, equity financing, or financial leasing.

The Yantai government will optimize its business environment and public services for local private companies.

Government service platforms will be established to promote Internet plus government services and public data platform services and to further improve efficiency.

Official data show that Yantai has a total of 865,000 market entities, 200,000 of which are private companies.

The added value of the private economy is more than 600 billion yuan ($86.45 billion), contributing more than 80 percent of the city's tax revenue and providing more than 90 percent of the city's employment.

The private economy has become a driver of reform and innovation in the city and has boosted its economic development.