21st Century Business Herald under Southern Finance Omnimedia:

We have noticed that Jiangsu has introduced a series of policy measures in recent years to optimize the business environment from various aspects such as market supervision and government services. Could you please tell us what other reform measures will Jiangsu take next to continue building a first-class business environment?

Xu Kunlin:

Thank you, I'll take this question. As a leading region and economic powerhouse in the eastern part of China, Jiangsu boasts enormous industrial technology strength, abundant scientific and educational resources and a vast market scale. It has been rated as the province with the best business environment for five consecutive years. A strong business environment requires a comprehensive approach, and having a well-supported and complete industrial ecosystem is crucial. Jiangsu's manufacturing sector covers all 31 major categories with its added value accounting for 14.1% of the country's total and about 4% of the global total. This makes it one of the provinces with the most diverse manufacturing categories, the most complete industrial chains and the most comprehensive supporting facilities. Considering power batteries as an example, Jiangsu has achieved full coverage of the industrial chain. During my visits to many representatives emphasized that if you invest in Jiangsu, 70% of the supporting facilities can be completed locally. There is an ample supply of capital. Last year, Jiangsu added 2.93 trillion yuan in domestic and foreign currency loans, ranking first in the country for two consecutive years with the financial sector's comprehensive strength being among the top in the nation. This year, the provincial and city governments' finances, along with state-owned assets, will jointly establish an emerging strategic industries cluster fund exceeding 100 billion yuan, which will soon be allocated. Jiangsu is rich in talent resources, boasting 168 universities, 2.62 million students and more than 1.17 million R&D workforce. The total number of talent resources exceeds 14 million. We have an excellent cultural environment with continuously improving levels of basic public services such as education, healthcare and elder care. We are promoting the more quality medical resources being made available and weighted toward the community level, enhancing the provision of top-notch educational resources and constructing more quality schools and hospitals close to people's homes. There is no such thing as a perfect business environment. It is a continuous improvement process. We will advance the development of the "five aspects" - policy, market, government service, rule of law, and culture - in an integrated manner, striving to create a "paradise for entrepreneurs and a heaven for innovators."

On the one hand, we are creating a policy environment that delivers a stronger sense of gain. At the beginning of last year, Jiangsu was among the first in the country to introduce 42 policies aimed at promoting an overall improvement in economic operation, which were followed by 28 incremental measures in the middle of the year. We employed these measures to alleviate the burdens and difficulties faced by businesses, resulting in an accumulated total of 218.5 billion yuan in new tax cuts, fee reductions and delayed fee payments. This year, we will push for more government services to be accessible online in a "one-stop" manner, and for more beneficial policies for enterprises to be available "without application, for immediate and direct benefit." The subsidized interest for large-scale equipment upgrades mentioned earlier is an example; we are collaborating with banks so that enterprises don't need to apply and the banks instead will directly implement the policy. At the same time, we are committed to resolving past issues and maintaining credibility and promises. By deeply understanding and trusting enterprises, we commit to fulfilling our commitments to them by "keeping our word" and "turning words into actions."

On the other hand, we are working to create a more international investment environment. Last year, Jiangsu's actual use of foreign capital ranked first in the country, and its shares in January and February of this year has further increased. We have developed 18 high-value measures to ensure national treatment for foreign-invested enterprises and to enhance the convenience of residency and stays for foreign employees of these enterprises. Wuxi took the lead in "system integration" and introduced 10 convenient measures for foreigners coming to Wuxi, creating six convenient scenarios for entry and exit, payments, consumption, business and work, residence and travel, and education and medical care. We will also continue to align with high-standard international economic and trade rules and thoroughly implement Jiangsu province's regulations on promoting and protecting foreign investment, making Jiangsu one of the most appealing and competitive investment destinations globally.

Lastly, I would also like to invite each of you to visit Jiangsu and see it for yourself. This will help you learn more about it and promote it. Thank you all.

Chen Wenjun:

Thank you, Mr. Xu and other three speakers. Thank you to all the journalists in attendance. Today's press conference is now concluded. Goodbye.

Translated and edited by Xu Xiaoxuan, Zhou Jing, Liu Qiang, Guo Yiming, Zhang Junmian, Cui Can, Yuan Fang, Zhu Bochen, Wang Qian, Wang Yanfang, Liu Sitong, Zhang Rui, Li Huiru, Ma Yujia, Gong Yingchun, David Ball, Rochelle Beiersdorfer and Jay Birbeck. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.