To bolster the growth of private enterprises, Shanxi province has released the "Provincial Special Funds Management Measures for Private Economic Development", offering rewards of up to 5 million yuan ($689,615). The measures will take effect from June 1.

The special funds will support last year's approved projects with the current year's budget and feature dynamic project management. The funds will be strictly allocated and managed, employing rewards, subsidies, interest discounts, and government procurement of services to support and guide the development of the private economy.

The measures stipulate that counties rated as excellent, good, or passing in the provincial government-approved assessments for creating high-quality private economic development demonstration counties will receive rewards of 1 million yuan, 800,000 yuan, and 500,000 yuan, respectively.

A reward of 300,000 yuan will be granted to small and medium-sized industrial enterprises whose annual primary business income reaches a designated amount for the first time and is included in the statistical department's direct reporting network.

The special funds will support the standardized shareholding reform of private small and medium-sized enterprises (SMEs). Those completing the shareholding reform within the year and registering as joint-stock companies with the industrial and commercial departments will receive a one-time reward of 500,000 yuan.

The funds will also support the construction of SME parks in development zones at the provincial level and above. Every year, 10 to 15 SME park projects will receive support, each eligible for between 3 million and 5 million yuan in funding.