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Shenzhen Encourages Private Enterprises to Participate in SOE Reorganization
The Shenzhen government on February 5 released the "Opinion on Accelerating the Development of Individual and Private Economies", which allows private enterprises to participate in the reorganization and transformation of State-owned enterprises (SOEs) and have a share in the stock-holding right.
This measure is designed to encourage private firms in Shenzhen to speed up the pace of development and to protect the operator's fundamental interests.
The Opinion contains 12 articles, including: lift residence restriction on individual and private investors; support qualified private enterprises to reorganize themselves into shareholding companies and then get listed; lower the standard for industry accession to encourage private enterprises to set up group corporations; private enterprises can directly approach the city trade and development council for the right to conduct import/export business and the customs for the setup of bonded factory and warehouses; private enterprises, which apply for the operation of domestically-invested and foreign-funded projects encouraged by the State, can enjoy the same preferential taxation policies as can State-owned enterprises, and policies on foreign-invested enterprises.
Personages concerned believe that the measure will set off a new upsurge in the development of private enterprises.
By PD Online staff member Li Heng
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