HANGZHOU, China, January 9, 2019 / PRNewswire / – On November 9 last year, a large-scale conference on resource mobilization was held in Hangzhou, eastern China, where a strategy was announced to create a world-class business environment and transform region to the zone demonstrating the achievements of high-quality development of China’s private economy. During the event, a presentation of six initiatives and twenty-eight special administrative measures aimed at improving public services, attracting investment and stimulating trade, developing industry, supporting entrepreneurship and innovative activities, improving the environment and living standards, creating conditions for the rule of law took place.
“These measures, covering several aspects at once, including the formation of hardware and software complexes and industrial development, are the most powerful reform initiatives undertaken by the Hangzhou authorities over the past few years. Their goal is to breathe new energy into the business climate of the city and give impetus to high-class economic development of the region “, – commented the representative of the Committee on Reform and Development of Hangzhou.
In recent years, the city administration has been actively working to create first-class business conditions that meet all international standards and best practices. To this end, the Hangzhou authorities continuously optimize the structure and mechanisms of administrative management, modernize and promote the entire process of developing the real economy with a modern business climate. These efforts have gradually created a positive relationship between a first-class business environment and high-quality economic development.
It took Cheng Yalin only half an hour to get a commercial license through a self-service terminal for business. Established by her and her business partners, the company successfully settled on the territory of the Science and Technology Town of Syasha in Hangzhou.
Thanks to the active reforming of business registration procedures, the time and amount of documentation required to obtain public services were noticeably reduced, which made it possible to create favorable conditions for the emergence of new market actors. Only in the first half of 2018, 64 thousand new companies were registered in the region, which is almost 30% more compared to the same period of the previous year. Hangzhou authorities are stepping up efforts to reduce the tax base to help companies improve their competitiveness. For the period from January to September of last year, revenues from taxes paid by companies to local fiscal authorities decreased by 15.43% compared with the same period of 2017. This allowed enterprises to reduce the tax burden, as well as save on operating and financial costs.
For representatives of small and medium-sized businesses, as well as for companies in the innovation economy, besides reducing taxation and providing special grants, the Hangzhou authorities have provided a number of special incentive funds. These include the Entrepreneurship and Investment Promotion Fund, which, as of September 2018, provided funding for 473 projects. As a result, almost 5 billion public investments have found their way into the sphere of innovation and business. Thanks to this support, numerous “mass entrepreneurship and innovation” platforms have been established, including innovation co-creation sites, technology business incubators and specialized campuses.
In addition, the Hangzhou management also provides non-native investors with a number of special free services – for example, investment advice, promotion and protection of investments, etc.
Among other enterprises, the company Wedoctor, founded in 2010, also took advantage of this support. Thanks to the assistance of the Hangzhou Municipal Government, the company managed to significantly expand the scale of its “online clinic”. Last May, Wedoctor became the only healthcare company in the world that was rated among the 30 most expensive private technology companies in the world.
Sourced from TASS.ru and machine translated for your benefit