New policy makes it easier to open private businesses in Zhejiang

Home>>Business

Last updated at: (Beijing Time) Tuesday, January 06, 2004

New policy makes it easier to open private businesses in Zhejiang

East China's Zhejiang province is encouraging the development of private enterprises by simplifying approval procedures.

DISCUSSION

CHINESE

SEND TO FRIEND

East China's Zhejiang province is encouraging the development of private enterprises by simplifying approval procedures.

An official with the provincial development planning commission said that Zhejiang launched a new private enterprise management policy this year to replace the original approval system with a new records system.

Chinese citizens wishing to invest in Zhejiang no longer have to submit approval suggestion or project research reports to the local government; instead, they can go in person to designated offices or log onto related websites, incorporating their applications into local government records.

Zhejiang boasted more than 300,000 private enterprises in 2002,and the investment from private sources in the province amounted to 231.6 billion yuan (28 billion US dollars).

Private economy in Zhejiang has grown rapidly in recent years, thanks to the provincial government's favorable policies, said the official, adding that private firms now cover all spheres, including infrastructure construction, technology, education, banking, insurance, and foreign trade, instead of confining to the manufacturing and service trades.

Questions?Comments? Click here

Private business develops fast in Zhejiang

Will China's rise trigger Sino-US confrontation? ( 47 Messages)

China may participate in reconstruction of Iraq ( 8 Messages)

Gas field blowout kills 191in SW China, 290-odd hospitalized ( 32 Messages)

HK singer Anita Mui dies of cancer ( 7 Messages)

China offers emergency humanitarian aid to Iran ( 14 Messages)