Guizhou province launches action plan to develop businesses

Southwest China's Guizhou province recently launched a five-year action plan to boost the development of its businesses and markets in 2022-25.

The plan outlines that by 2025, Guizhou's total number of business entities – ranging from sole traders, to partnerships and large companies – is expected to top 5.5 million and companies alone are expected to exceed 1.3 million, with an average annual growth rate of more than 10 percent.

To achieve this goal, Guizhou plans to focus on developing major companies, companies above a designated size – those with annual revenue of 20 million yuan or more ($2.94 million) – as well as small and medium-sized companies, individually-owned businesses, high-tech companies and export-oriented companies.

Based on the current national policies, the plan has also proposed 18 measures to strengthen leading companies, develop listed companies, promote the cultivation of companies above a designated size, expand groups that are already above a designated size – and promote the improved quality and development of small and medium-sized companies.

The plan also takes policies, measures and innovations from other provinces as a reference to support local business growth.

Moving forwards, plans are for Guizhou to continue to boost its investment services, enhance reforms to streamline the government, as well as delegate powers and improve government services.

It will provide one-on-one services for companies and create a market-oriented, legalized and international business environment.