A set of regulations to promote the development of private companies was released at the third session of the 13th Zhejiang Provincial People's Congress in Hangzhou on Jan 16.

The regulations will come into effect on Feb 2.

"Unequal treatment in terms of market access, financing, regulation and other areas is a major obstacle facing private companies," said an official from the province's department of economy and information technology.

To address the problem, local authorities conducted surveys and investigations as they drafted new regulations.

The regulations support and encourage private capital in the mixed ownership reform of state-owned enterprises and emphasize the rewards and risk-sharing of private companies in government-private-enterprise cooperation in infrastructure and public services areas.

The regulations also contain measures to improve the financing system, such as establishing a comprehensive financial services mechanism and balancing the supply and demand of financial products.

In addition, to create a stable, fair, and transparent business climate, the regulations require that administrative organizations enforce the policies in a consistent and fair way.