Private firms drive city’s foreign trade

The total import and export value of private enterprises in Shenzhen saw 4.8 percent growth to reach 915.48 billion yuan (US$129.44 billion) in the first seven months of 2019, according to statistics released by Shenzhen Customs.

The figure shows that private enterprises are the largest trading body in Shenzhen and the stabilizer of Shenzhen’s foreign trade, as the import and export value of private enterprises accounted for 58 percent of the city’s total foreign trade, 7.3 percentage points higher than the same period last year.

The changing international trade situation has resulted in some local private companies experiencing declines in orders since last year. However, the implementation of a series of national policies that support the private economy has continued to bolster private companies, unleashing greater vitality.

Customs data shows that in July the exports of Shenzhen’s private enterprises that benefit from the rebate rate adjustment for commodities like plastic products and toys increased by more than 30 percent.

According to the Daily, Shenzhen Customs has implemented a slew of measures to help private firms save costs and has actively promoted the development of cross-border e-commerce.

This year, the value added taxes on private companies in Shenzhen have been cut by 12.8 billion yuan. The import and export of cross-border e-commerce businesses has increased by 37.3 percent over the previous year, according to official data.

At present, there are 3.14 million private business entities in Shenzhen, and the number of private enterprises accounts for more than 97 percent of the total companies in the city.