Ningbo Launches New Business Encouragement Policies

By Dong Na

Recently, to further support the rapid and healthy development of trade enterprises, Ningbo has launched new policies to assist their structural optimization and stimulate their potential and vitality.

The lack of large enterprises is one of the shortcomings of Ningbo's trade and commerce sector, and the new policies are exactly targeted to enhance the cultivation of such business and promote the growth of the enterprises in the first place.

By doing so, Ningbo is exhibiting its determination to actively cultivate modern trade enterprises and make full use of the policy advantages of the Ningbo Area of China (Zhejiang) Pilot Free Trade Zone and the China-CEEC Demonstration Zone, as well as its advantaged port and location, to actively introduce large enterprises such as the world's top 500 companies engaged in new types of trade.

The new policies particularly support the rapid growth of new enterprises. For new wholesale enterprises with annual sales of 1 billion yuan or more, the company will be rewarded with 3/10,000 of the sales from June to December, with the reward for a single enterprise not exceeding 2 million yuan; for new retail enterprises with annual sales of 10 million yuan or more, the company will be rewarded with 1/1,000 of the sales from June to December.

For the wholesale enterprises that achieved positive growth in the current year, and the annual sales increment reached 2 billion yuan or more, the company will be given according to 3/10,000 of the company's sales from June to December, and the reward for a single company shall not exceed 2 million yuan; for retail enterprises that achieved positive growth in the current year, and the annual sales increment reached 5 million yuan or more, the enterprise will be rewarded according to 1/1,000 of the company's sales from June to December.

In order to optimize the environment for business development, Ningbo will also establish a one-to-one contact system for the top 20 trade enterprises in terms of sales, and organize regular visits. At the same time, eligible enterprises can enjoy preferential tax policies.

Chief Adviser: Zhou Fangzhou

Proofreader: Dong Na