In recent years, the Shinan district – located in Qingdao city in East China's Shandong province – has really set a positive tone in terms of its fiscal policy.

It has focused on improving its business environment with the aim of encouraging innovation and entrepreneurship – as well as stimulating market vitality – by rolling out a slew of favorable fiscal policies, according to local media reports on Dec 6.

Over the past three years, tax and fee reductions at the district level have accumulated to more than 4 billion yuan ($629.5 million). This has effectively reduced the cost of taxes and fees for enterprises and local residents – and enabled every taxpayer to receive a package of relative preferential policies.

In addition, a series of policies enabling local enterprises to enjoy benefit from dividend policies without the applications procedure was also released by the district.

The district is said to be upgrading its business environment, with moves to boost its local building economy service management platform.

In June, Shinan implemented its "1+N+2" talent recruiting policy – aiming to promote industry amalgamation in the district.

The "N" in the term refers to talent recruiting specifications related to industries, including the financial innovation entrepreneurship, wealth, education, sports and cultural originality sectors – with the two systems of detailed regulations set to improve the comprehensive well-being of employees in Shinan.

Throughout the year, a working group from Shinan visited local businesses more than 300 times together with representatives of various functional (municipal) departments. The result was they solved nearly 100 kinds of issues and supported 25 office buildings within the jurisdiction with tax revenue reductions of over 100 million yuan.