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Jiaxing, East China's Zhejiang province, issues policies to support the development of the service industry. [Photo/WeChat account: jxfabu]

Jiaxing, East China's Zhejiang province, recently introduced policies to support the development of its service industry, local media reported on April 2.

An advanced service industry is an important driver of economic growth and social development, and the policies are meant to boost the value of the service industry in Jiaxing while lowering resource consumption.

The new policies aim to increase the concentration of the service industry, boost its high quality development, and provide it with more financial support.

Local authorities will work to stimulate the development of clusters, platforms, and towns revolving around the service industry by regularly assessing them and encouraging companies involved in the service industry to develop their own brands and improve their competitiveness.

Moreover, districts in Jiaxing will offer no less than 50 percent of all municipal subsidies to projects involved in the service industry.

The new policies support the investment of social capital into projects related to elderly care, nurseries, childcare, and rehabilitation, and these projects will receive subsidies equivalent to five percent of their total investment after they begin operating.

The nighttime economy is another focus of the new policies, which state that enhancing the development of Jiaxing's nighttime economy will help meet the demands of consumers and improve the reputation of Jiaxing among other cities in the Yangtze River Delta.

The new policies include a selection of special blocks, famous restaurants, stores, and entertainment facilities that cater to nighttime consumers. The shortlisted places will receive up to 7.5 million yuan ($1.1 million) in financial awards.