Ningbo rolls out new measures to bolster private sector

A workshop in Ningbo, East China's Zhejiang province. [Photo/WeChat account: nbfb0574]

Ningbo in East China's Zhejiang province has introduced a comprehensive set of 33 measures to boost the private economy's high-quality development.

The measures cover various significant areas, including financing and resource allocation. In terms of financing support, the city will ensure that more than 50 percent of new loans are granted to private companies, with the proportion of medium-to-long-term loans in the manufacturing sector accounting for at least 40 percent of all loans issued to this sector. Additionally, the growth rate of medium-to-long-term loans in the manufacturing sector is expected to exceed the overall loan growth rate.

To optimize resource allocation, the measures highlight the importance of directing government industrial funds towards private enterprises. The city also aims to enhance industrial land guarantees for private investment projects, reduce the cost of land for high-quality enterprise projects, and encourage businesses to expand into targeted markets.

These initiatives demonstrate Ningbo's commitment to supporting and fostering the development of its private sector, which plays a vital role in the region's economic growth.