A number of preferential policies were launched to help transform the individually-owned businesses into legitimate enterprises at a press conference in Jilin province on Nov 1.

A series of preferential policies are launched to encourage the transformation and upgrade of individual businesses at a press conference in Jilin province on Nov 1. [Photo provided to chinadaily.com.cn]

For instance, newly transformed high-tech enterprises in Jilin will be able to enjoy a certain amount of privileges in corporate income tax payment.

Jilin government will provide special fund to bolster the development of cutting-edge technologies. Entrepreneurs with the potential to further progress the province's new economy will be offered bonuses for their research and development in the area.

Also, up to 4 million yuan ($577,028) can be loaned from local banks for individual innovators so as to encourage them to enter the market.

A government official provides service to a Jilin citizen behind the business registration window at a government service center in Changchun, Jilin province. [Photo provided to chinadaily.com.cn]

Up until September this year, private businesses have accounted for 76.48 percent of all market entities in Jilin province. "With such a significant number of private businesses, Jilin is well prepared for the transition of local economic structure," said Lin Yucheng, director of the Market Regulation and Management Department of Jilin province.