Jinan launches 21 key measures to support private enterprises

In recent years, Jinan, capital of Shandong province, has been ramping up efforts to optimize the development of the private economy with a slew of innovative policies.

The ratio of the added value of the private economy to the city's GDP increased from 36 percent in 2019 to 41 percent in 2022 and the number of private market entities reached 1.48 million. Since the beginning of this year, the city's private economy has been stable and is on an upward trend.

To enhance the confidence of private enterprises and support their all-round development, Jinan has issued 21 key measures for boosting the leapfrog development of private enterprises by focusing on five major actions: upgrading corporate capability, supporting financing, expanding the market, empowering talents and optimizing business environment.

The first action aims to help enterprises expand their market scale with specific measures including promoting technological innovation, digital transformation and green and low-carbon development. It guides enterprises to set up research and development institutions and gives preferential treatment to enterprises in terms of land and energy resources.

Jinan supports loan financing, makes good use of government-guided funds, promotes direct financing by enterprises and optimizes financing services.

The market expansion focuses on accelerating upstream and downstream industries and cultivating the industrial chain cluster dominated by leading private enterprises. The action covers four measures: enhancing cooperation, supporting enterprise mergers and acquisitions, helping enterprises to work together and encouraging enterprises to develop online sales.

The talent empowerment action includes building an innovative entrepreneurial team, launching favorable policies and solving issues related to introducing talents.