GUANGZHOU: The city will formulate preferential policies to support IPO initiatives by its private sector enterprises.

At a seminar organized by the People's Political Consultative Conference of Guangzhou earlier this week, Guangzhou Vice-Mayor Cao Jianliao said that the municipal government will set up a small and medium-sized enterprise (SME) bureau to manage affairs related to such businesses and will take measures to lay out favorable policies to help private sector enterprises be listed.

About 40 private-sector enterprises, almost all of which are small and medium-sized, will receive priority treatment in the next few years, with about 15 to 20 more expected to be listed in the next three years, Cao said.