Measures envision better development of private sectors in Tianjin

Tianjin's government has promulgated 26 new measures designed to boost private enterprises' role in accelerating supply-side structural reforms and promoting high-quality development.

Measures for reducing restrictions on private market entities are comprehensive, from liberalizing market access to building a more unified market supervision system.

Companies are allowed to compete in more areas such as electricity distribution and petroleum-related business.

Measures for further cutting taxes and expanding and simplifying financing channels are also included to facilitate private market players in competing with their state-owned counterparts.

The municipal government also concluded the improvement of a judicial protection mechanism designed to protect the legitimate rights and interests of private enterprises and entrepreneurs.

The firm protection of property rights in accordance with the law is the best assurance for bolstering their confidence and security in developing in the city.

The measures are based on the top-level policy design issued by the central government to crack down on obstacles to private sector development. They are expected to provide private market players with a market of more fair opportunities and lawful rights, as well as updated government services.