Jiaxing launches preferential policies to boost recovery
Jiaxing in East China's Zhejiang province released preferential policies involving finance and taxation on April 15 to help enterprises overcome difficulties caused by the ongoing COVID-19 pandemic.
Before the end of April, the city will allocate 270 million yuan ($42.34 million) to promote the intelligent and green transformation of enterprises. It also plans to reduce more than 30 billion yuan in financial burden for market players throughout the year.
Furthermore, the city's financial department will slash costs incurred in accessing urban infrastructure by 30 percent and reduce charge standards for water consumption by 20 percent.
In addition, the share of government procurement projects reserved for small and medium-sized enterprises will be increased from 30 percent to 40 percent. The proportion of advance payment for government procurement projects will be increased by 10 percentage points. The costs related to government procurement bids and procurement documents have also been waived.
To sustain the further development of enterprises, the Jiaxing tax department has implemented a new tax exemption and refund policy to reduce the tax burden of enterprises and reduce capital turnover cost.