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Beijing districts take steps to help private companies thrive

Cao Yingying
Updated: Nov 30,2018 9:13 AM     China Daily

As the Beijing government promotes the growth of private businesses, its various districts are doing their part by helping stimulate the new vitality of the private economy.

Officials of the Beijing Administration for Industry and Commerce’s Dongcheng district branch, for example, have visited more than 7,200 private companies and provided assistance with problems they face. They have specifically targeted the issue of incomplete property certificates in the old urban area. Dongcheng district has opened a green channel and solved the problems of more than 260 private enterprises.

The district’s industrial and commercial administration also has upgraded its services, which include promoting the online inquiry of enterprises’ information, registering movable property mortgages valued at 3 billion yuan ($431.94 million) for enterprises and issuing more than 300 enterprise credit certificates.

Haidian district, meanwhile, is at the forefront of all Beijing districts and counties in terms of assistance provided to listed private companies.

The district and Dongxing Securities have set up a 10 billion yuan fund to support the development of high-quality technology enterprises, with an initial 2 billion yuan in funding already raised.

The fund is already in operation, according to Dongxing Securities. To date, more than 40 listed companies have sought to benefit from the fund.

Early this month, the Haidian State-owned assets supervision and administration commission signed a strategic cooperation agreement with Bank of Jiangsu. The latter will provide loans of up to 200 million yuan to shareholders of a single high-tech listed company and a combined credit line up to 20 billion yuan to listed high-tech companies in Haidian.

On the day of the signing ceremony, Poten Environment Group received the first loan of 50 million yuan under the agreement.

In addition to Haidian, Chao-yang and Shunyi districts have also made efforts to provide financial support to listed private companies.

Chaoyang district set up various funds totaling 25 billion yuan, with priority given to businesses in line with the capital’s optimized industrial development plan.

Included among the funds is a technological innovative entrepreneurship fund worth 10 billion yuan and a culture and creative industry fund, which will be used for the construction of related complexes and cultivating cultural and technology listed companies.

Shunyi district will not only cooperate with banking institutions to provide short-term funds, but also set up district funds involving listed companies, capital platforms and financial institutions.

Shunyi district’s financial service office plans to establish an inter-department coordination mechanism and solve financing difficulties for small and medium-sized private enterprises through improving policies related to industry, financing and listings.

In mid-November, Shunyi also released 18 new policies to promote the development of three high-end industries — new energy intelligent vehicles, third-generation semiconductors and aerospace — as well as private enterprises.

By 2025, the district is expected to expand the scale of its innovative industry to 600 billion yuan and 200 billion yuan in added value. Its goal is to have more than 2,000 national high-tech companies, three national technique centers or key laboratories and 25 city-level technique centers set up by that year.

Fangshan district continues to advance the implementation of the policies designed to optimize the business environment.

Chen Qing, the secretary of the Fangshan district Party committee, said his district will promote the development of private companies by implementing the national tax reduction policy to help companies enjoy the dividends of that policy.