Xiamen to improve environment for private sector development

The coastal city of Xiamen in East China's Fujian province released 43 concrete measures to create a better business environment and to support the reform and development of private enterprises, local news reported on March 29.

These measures include improving the business environment for private enterprises, including ensuring fair market competition, optimizing its legal and policy environment, as well as establishing a cordial and clean relationship between government and business.

The government will adopt more preferential policies in a bid to encourage private companies to engage in the senior care service industry, with an array of subsidies to be granted to eligible nursing homes for seniors.

Nongovernmental sectors will be encouraged to run non-compulsory education private schools in order to meet people's diverse demands for education.

Xiamen will continue large-scale tax and fee reductions. The local government will give a discount on the income tax for those eligible small enterprises with low profits with an annual taxable income below 1 million yuan ($152,308).

Private companies are encouraged to set up their enterprise technology centers in Xiamen. Those that are identified as national- or provincial-level ones will be given incentives. Private companies that are identified as national technological and innovation demonstration enterprises will receive 5 million yuan as an incentive.

Efforts will also be made to promote the development of high-tech, high-growth, and high-added value enterprises. For those tackling key technological issues and carrying out demonstration projects for the transformation of major scientific and technological achievements, the government will give a subsidy of a maximum of 20 million yuan.

High-tech, high-growth, and high-added value enterprises are encouraged to set up key laboratories in Xiamen, with those that are approved as national ones receiving a one-time subsidy of 10 million yuan.