Shenzhen Introduces Measure to Stimulate the Marketplace

Now Shenzhen   |   April 11, 2022

SHENZHEN has introduced 30 measures to foster and strengthen market entities in a bid to sustainably stimulate market vitality and allow more market players to be established, grow and prosper.

The 30 measures, according to the guidelines released Friday, aim to address market entities’ outstanding problems in financing, innovation and talent demand in their developing process, further innovate policies, optimize services and enhance the close integration of the market and the government, and promote market entities’ transformation, innovation and leapfrog development.

It is proposed that by 2025, the number of market entities and enterprises in Shenzhen will surpass 4.6 million and 3.2 million, respectively. The number of industrial enterprises above designated size — with annual revenue above 20 million yuan (US$3.14 million) — will exceed 15,000.

The city aims to develop more than 600 “little giant” enterprises and over 80 enterprises that are champions in a single industry by 2025.

“Little giant” enterprises are small firms that are still in the early stage of development and focus on the new generations of information technology, high-end equipment manufacturing, new energy, new materials, biomedicine and other high-end fields.

Shenzhen also aspires to have over 600 companies listed at home and abroad, about 10-12 Fortune Global 500 companies, 22,000 State-level high-tech enterprises and about 20 new unicorn companies — startups valued at more than US$1 billion — by 2025, as per the guidelines.

Guo Ziping, director of the city’s development and reform commission, said at a press conference Friday, that the 30 measures are aimed at providing more and stronger support for businesses to gain wider benefits.

According to preliminary statistics, from 2022 to 2025, the city government will directly invest more than 30 billion yuan in fiscal funds to provide policy support and service guarantee for market entities.

Li Guowei, deputy head of the city’s market regulator, said Shenzhen will launch an online platform and open an offline service counter for self-employed individuals to incorporate their businesses.

Xiao Zuping, deputy head of the city’s industry and information technology bureau, said the city will grant rewards of up to 500,000 yuan and 200,000 yuan, respectively, to approved “little giant” enterprises and provincial-level enterprises that specialize in niche sectors.

Shenzhen will also give rewards to companies newly listed on China’s new third board — the National Equities Exchange and Quotations — companies planning to be listed in China, enterprises directly listed abroad, and out-of-town high-quality listed companies that relocate to the city, according to Guo.

Fang Lin, deputy director of the city’s science, technology and innovation commission, said the city will provide graded services for high-tech enterprises and accurately evaluate their demand in space use, finance, talent, market and administrative services.

According to official statistics, as of the end of 2021, Shenzhen ranked first in China with 3.8 million market entities, including 1.39 million self-employed businesses and 2.41 million enterprises.

ARTICLE FROM: Shenzhen Daily