Haimen district in Nantong, Jiangsu province released an action plan on Nov 23 to bolster its private economy.

According to the plan, authorities will focus on actionable measures in terms of the market, policy and rule of law environments, with the aim of establishing a characteristic demonstration project in the healthcare industry and creating a demonstration zone for high-quality private economic development.

Authorities will strengthen service management in key areas such as quality improvement, intellectual property protection, and credit repair to create a fair, orderly and favorable competitive environment.

The local government will also rely on the one-stop digital service platform to optimize government services such as policy interpretation, matching, and redemption.

In addition, authorities will innovate and optimize regulatory mechanisms and expand legal services to enterprises to unleash the full potential of private enterprises to a greater extent.

Haimen aims to achieve the following goals by the end of 2024: the added value of the private economy is expected to reach 120 billion yuan ($16.84 billion), accounting for 73.5 percent of its GDP, the tax revenue from private enterprises is estimated to account for 85 percent of the total amount directly collected by the tax authorities, and private investment is projected to make up 90 percent of the total social investment. The number of private enterprises is expected to reach 30,000.