URUMQI, Jan. 23 (Xinhua) -- Authorities in northwest China's Xinjiang Uygur Autonomous Region have introduced a spate of measures to bolster private businesses.
Among 28 measures to promote the development of the private sector, local authorities are seeking to offer better government services to create a better business environment.
Authorities plan to boost private investment, increase the availability of funds and reduce costs for private businesses to raise funds.
The local government will implement preferential policies to reduce operating costs for private businesses and encourage reform and innovation to improve their competitiveness. It will also provide a level playing field and provide sufficient legal protection.
Local authorities will open more sectors to private capital and encourage private companies to conduct direct financing and private capital to take part in the mixed-ownership reform of state-owned enterprises.
The measures came after the central Chinese authorities last year pledged substantial policy support for the private sector, including tax cuts and easier financing.
The private sector plays an important role in the Chinese economy, contributing more than 50 percent of tax revenue, 60 percent of gross domestic product, 70 percent of technological innovation, 80 percent of urban employment and 90 percent of new jobs and firms.