East China’s Jiangsu province has recently introduced a series of more targeted support policies to help market players mitigate the adverse effects of the epidemic, boost confidence and stabilize expectations, and promote stable economic growth and operation within a reasonable range.
The policies include increasing fiscal and taxation support, continuing to strengthen financial support, strengthening government procurement support, and continuously optimizing and improving services.
The province will focus on tax reduction and fee reduction, financial support, stable recruitment of workers, and price hikes with particular focus to be laid on the support to industries such as accommodation, catering, cultural tourism, and foreign trade that have suffered adverse scenarios from the COVID-19 epidemic.
In terms of fiscal tax and financial support, Jiangsu will coordinate the existing special funds to help small, medium and micro enterprises, arrange 1.2 billion yuan in interest discounts and special funds for awards and subsidies, promote intelligent and digital transformation in enterprises, and increase the amount of re-loan by 45 billion yuan.
Jiangsu will also implement the national tax incentives, increase the efforts to reduce the burden of clearing fees, and continue to reduce and exempt rents and return funds.
In the meantime, Jiangsu will implement preferential policies for highway tolls by continuing to provide 15% discount on tolls for eligible freight vehicles.
In order to stabilize foreign investment and foreign trade, Jiangsu will help foreign trade enterprises to develop international markets, improve shipping security capabilities, and speed up the development of processing trade enterprises.
In terms of catering and cultural tourism consumption, Jiangsu will encourage regional governments to carry out various forms of consumption promotion activities, continue to temporarily refund the tourism service quality deposit at a 20% discount, and allocate 10 million yuan to provide interest subsidies for loan projects of provincial tourism industry development fund.
