Huzhou in East China's Zhejiang province has introduced a comprehensive set of 39 measures to boost the private economy's high-quality development.

The measures, revealed on Oct 9, cover a wide range of policies, including the extension of existing initiatives such as value-added tax reductions for small-scale taxpayers and a 25-percent reduction in taxable income for small and micro enterprises until the end of 2027. Another key move is increasing the percentage of additional deductions for eligible enterprise research and development expenditures to 100 percent as a long-term institutional arrangement. Additionally, the city plans to temporarily lower unemployment insurance rates and maintain preferential tolls for State-owned section trucks.

The measures also touch upon other crucial aspects beyond finance and taxes. They outline concrete steps in areas like land use, energy consumption, data utilization, and government procurement that aim to support the development of private enterprises.

For private enterprises, transformation and upgrading are considered essential for achieving high-quality development. In line with this, the new measures state that private enterprises recognized as national and provincial research organs will receive one-time rewards ranging from 200,000 yuan ($22,300) to 1 million yuan.

The private economy in Huzhou plays a significant role in the city's economy, contributing over 70 percent of the city's GDP, over 80 percent of tax revenue and exports, and over 90 percent of jobs. Notably, Huzhou is home to 92 private enterprises that are recognized as national "little giant" companies, according to the Huzhou Municipal Bureau of Economic and Information Technology.