Taizhou in East China's Zhejiang province will release the Taizhou Regulations on the Promotion of Enterprise Credit on July 1 this year, according to a news conference held on June 4.

"It is necessary for Taizhou to formulate local regulations to promote integrity among local companies," said Yu Yanhua, chairman of the Commission of Legislative Affairs of Taizhou Municipal People's Congress.

According to Yu, as the birthplace of the private economy in China, private companies in Taizhou account for 99.5 percent of the total market, create more than 90 percent of job opportunities, and contribute 77.5 percent of local GDP.

The regulations include 35 articles, which mainly focus on six different aspects.

These regulations specify the duties of municipal, county and district governments and their departments, establish enterprise credit criteria, create a business credit information management system, improve the evaluation of companies' public credit, formulate specific measures to encourage integrity and highlight the creation of an overall integrity environment among local companies.

Yan Shiping, director of Taizhou Municipal Development and Reform Commission, said at the news conference that the regulations lay a solid foundation for the further development of the private economy in Taizhou and are also a legal guarantee for the construction of a social credit system in the city.

Yan noted that their next task is to promote the regulations to local companies and roll out incentive measures to encourage these companies to better abide by the regulations.