China to continue reward policies to help small firms

BEIJING – China has unveiled a guideline to continue its reward and subsidy policies to boost financing for small and micro-enterprises.

Through special funds from the central budget, the country will reward and subsidize provinces where such firms enjoy wider and cheaper access to financing between 2021 to 2023, said the guideline issued by the Ministry of Finance and the Ministry of Industry and Information Technology.

Moves will also fine-tune the policies according to the impact on these enterprises from the COVID-19 pandemic and downward economic pressure.

ALSO READ: Tax cuts for small and micro firms extended

These moves include raising reward caps for areas with notable fee-cut results, offering preferential policy incentives to the central and western regions, and ramping up verification, the guideline said.