At a private enterprise symposium in November last year, President Xi Jinping highlighted creating a better environment for the development of private enterprises and helping them solve their problems.

A series of new policies aimed at optimizing the business environment for private businesses have been implemented nationwide.

Take Shenzhen in Guangdong Province in south China, for example. The special economic zone published measures to support the private economy with greater efforts last December. They include a Four 100-Billion-Yuan ($14 billion) Plan: private enterprises' taxes and costs will be reduced by over 100 billion yuan, new loans worth over 100 billion yuan will be issued, private enterprises will issue bonds exceeding 100 billion yuan, and a foundation with a funding of 100 billion yuan will be set up to develop private enterprises in Shenzhen.

Li Rongzhong, a post-90s who returned from the U.S. to Shenzhen with his startup company Petoi, which specializes in pet robots, was surprised by the city's welcoming attitude. He was given housing subsidies because he was a new talent.

Shenzhen has also streamlined the procedures for customs clearance. Previously, 105 items had to be filed for imported goods to pass customs. Now the number has been reduced to nine, reducing the time taken for customs clearance by at least three days.

Shenzhen has also strengthened intellectual property (IP) protection by enacting a strict IP protection regulation in March, which aims to protect and boost innovation and give tech companies a better sense of security.