Tianjin introduces 26 measures to further promote the private economy

Tianjin's government has promulgated 26 new measures designed to unleash private enterprises' role in accelerating supply-side structural reform and promoting high-quality development.

The 26 measures support private enterprises in seven aspects: by optimizing markets, policies, the legal environment, reform and innovation, standardization, governmental services and organizational security.

To ensure a fair and competitive market environment, four measures aimed at further liberalizing market access for private enterprises and building a more unified market supervision system have been introduced.

Seven measures are dedicated to further cutting taxes, expanding and simplifying financing channels and complementing anti-epidemic measures for private enterprises.

In terms of improving the legal environment, two measures have been introduced to better protect legal property and improve the mechanism of equal protection of law enforcement and justice for private enterprises.

Four specific measures have been introduced to encourage and guide deepening reforms and to support innovation in private enterprises.

Two specific measures are dedicated to ensuring that private enterprises fulfill their social responsibilities and grow healthily.

Three measures have been created to help establish a standardized mechanism to streamline government-business communication, as well as innovate the way private enterprises are served, and establish a government integrity compliance mechanism.

The other four focus on organizational security, supporting the reform and development of private enterprises, and improving public opinion and demonstration guidance.

In January 2019, Tianjin introduced 19 policies targeted to solve the problems that are restricting the development of the private economy. They were expected to reduce the cost to enterprises by more than 14 billion yuan($2 billion).