In response to the national call for tax cuts and fee reductions, Zhejiang authorities have consistently worked to alleviate financial burdens on enterprises over the course of the 13th Five-Year Plan period (2016-20).

Zhejiang-based companies have saved nearly one trillion yuan ($152.1 billion) in expenses by the province's public sector over the past five years, and favorable policies have made significant contributions to the province's industrial growth and restructuring.

Zhejiang's industrial added value stood at 2.28 trillion yuan in 2019, the fourth highest among all Chinese provinces and accounting for 7.2 percent of the national total. A total of 96 Zhejiang-based companies made the latest list of the top 500 private companies in China, meaning the province has now led the nation for 22 consecutive years.

"Based on preliminary estimates, my company's benefits from tax cuts, fee reductions, and interest rate cuts have amounted to more than 50 million yuan this year," said Rong Juchuan, chairman of the Ningbo-based Beyond Holding Group, in an interview with local media.

Rong clearly recalled that Beyond received over 20 million yuan in tax cuts in 2018 and around 40 million in 2019.

Despite the impact of the COVID-19 pandemic, the textile manufacturer maintained double-digit growth in sales this year. Its sales over the just-concluded 11-day "Double 11" shopping festival exceeded 1 billion yuan.