The Harbin government has issued an action plan to carry out major bureaucratic and financial reform to improve the city’s economic vitality.

According to the plan, Harbin will continue to promote the simplification of administrative procedures, the delegation of power to lower levels, and the further reform of State-owned enterprises (SOEs).

The proportion of private economic value added to the city’s GDP in 2019 is expected to surpass 60 percent.

Harbin will also urge local SOEs to introduce mixed ownership and encourage high-end manufacturing companies to form cooperative arrangements with local businesses.

Eligible private businesses will be encouraged to make use of equity and bond financing. They will be encouraged by supportive policies to create financial institutions such as private banks and consumer finance companies.

Meanwhile, Harbin will build a guarantee system for banks and governments to provide security for private and small companies to get loans and financing.

Furthermore, Harbin will build a database for public-private partnership (PPP) programs, thereby promoting PPP models in the construction of urban infrastructure and environmental governance.