Zhejiang will continue to ramp up efforts to enhance its business environment in order to attract more foreign investment and encourage privately owned businesses amid measures to promote local high-quality development, authorities said.
China will continue working toward the swift implementation and effectiveness of the policy package aimed at enhancing the investment climate for foreign businesses and attracting more foreign investment, the Ministry of Commerce said on Wednesday.
Wenzhou, a city in Zhejiang province, recently secured approval for 44 significant science and technology projects aligning with Zhejiang's major initiatives, with 17 being led by local enterprises.
In a strategic move towards comprehensive urban revitalization, Wenzhou is positioning itself as a regional center in the future, drawing attention from prestigious educational institutions and driving innovation.
Efforts by the State Administration of Foreign Exchange (SAFE) to further facilitate cross-border investment and financing for technology-focused small and medium-sized enterprises and advance the opening up of the capital account will improve the competitiveness of the Chinese financial industry and aid in the country's high-quality economic growth, experts said.
In a bid to bolster its business environment, Wenzhou is pioneering a novel approach: empowering small and medium-sized private enterprises by adopting private services and leveraging social capital.
China issued a guideline on Wednesday for promoting the development of the private sector, signaling the latest push for supporting and reinvigorating a key sector in order to revive economic recovery amid downward pressures.
A recently-issued guideline containing a raft of detailed and concrete policy incentives aimed at maintaining China's foreign trade and optimizing trade structure comes at a critical time.
China's consumption scenarios of foreign trade have been constantly widened thanks to the development of digital technologies.