Zhoushan rolls out policies to boost private economy

Zhoushan in Zhejiang province released an action plan on Nov 13 to boost the private economy and strengthen confidence in its development.

The action plan proposed 32 measures revolving around strengthening resource support, encouraging investment expansion, maintaining fair market competition, supporting market development and upgrading, and creating an optimal development atmosphere.

According to the plan, authorities will provide subsidies of up to 4 million yuan ($563,566.49) to aquatic products processing companies that are committed to digital upgrading and transformation.

Champions in the manufacturing sector, national-level little giant enterprises, and provincial-level specialized and innovative small and medium-sized enterprises will each receive a maximum reward of 800,000 yuan. Leading maritime transport enterprises will each receive a one-time reward of no more than 2 million yuan and 500,000 yuan, respectively.

Foreign fishing enterprises introduced from outside the city will be eligible for a one-time subsidy ranging from 500,000 to 3 million yuan, based on factors such as enterprise size and operating methods.

The local government will also take a series of actions, including exploring a new mechanism for "one-stop" resolution of maritime commercial disputes, to further optimize the business environment.

The total amount of private investment from January to October this year in the city has reached 44.084 billion yuan, and the value added of industrial output from large-scale private enterprises has reached 69.95 billion yuan, a year-on-year increase of 19.4 percent.