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Zhejiang rolls out 43 policies to support individual businesses

ezhejiang.gov.cn| Updated: August 3, 2023 L M S

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A market supervision officer offers guidance to an individual business owner in Zhejiang. [Photo/Zhejiang Daily]

Zhejiang province has recently unveiled a series of policies to promote the development of individual businesses.

The "Zhejiang Province Policies to Promote the Development of the Individual Economy" document outlines 43 policies and initiatives, including cost reduction, resource support, business environment enhancement, and development assurance.

To alleviate the financial burden for businesses, the policies encompass measures such as tax reductions, social security payment deferrals, reductions in utility costs, and exemptions from inspection fees, with a total of 11 measures.

To refine the individual economy, the policies encompass actions such as formulating specialized consumer incentives, boosting employment and entrepreneurship capabilities, fostering flexible labor services, expanding business venue supply, reducing payment transaction fees, refining foreign exchange operations, and optimizing insurance products and services, with a total of 10 measures.

To optimize the environment, there are measures to support direct operator changes, dismantle concealed market barriers, intensify contract oversight, facilitate online platform operations, and foster cultural and tourism development, with a total of 10 measures.

To ensure the development of individual businesses, the policies comprise measures to reinforce brand construction, enhance intellectual property protection, elevate entrepreneurship services, provide public welfare services, intensify recognition incentives, and establish public service platforms, with a total of 12 measures.

During the first half of this year, Zhejiang introduced 649,400 new individual businesses, accounting for over 70 percent of newly registered business entities, reflecting a growth of 14.61 percent compared to the previous year. Additionally, 316,400 individual businesses were deregistered, representing a 20.04 percent year-on-year decrease.

Zhejiang now boasts a total of 6.4 million individual businesses, comprising almost two-thirds of the province's business entities, employing 13 million people, and accounting for over 30 percent of the province's total employment figures.