China's Guangdong issues policies to support private firms

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South China's Guangdong Province, the country's biggest provincial economy, released a slew of policies to support private businesses with less red tape and better access to loans on Wednesday, which makes it the latest province to take actions after Chinese president Xi Jinping called for stronger support for the private sector on November 1.

Known for its booming private sector, Guangdong boasts the largest number of private firms and the highest tax revenues from such companies in China.

The policies, announced at a press conference by the Guangdong provincial government, aim to lower production and operation costs of private firms and alleviate their financing difficulties.

Explicitly, the provincial government promised to shorten the time needed for opening a new business to no more than five working days and cut tax rates as well as prices of gas and electricity for industry use.

It also encouraged banks to offer favorable loans to small- and micro-sized companies.

Moreover, the government said it would treat private businesses equally with state-owned enterprises, and broaden market access to private firms in sectors including transportation, water projects and municipal services.

(With inputs from Xinhua)