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Chongqing Issues Policies to Boost the Development of Market Entities

By YULING CHENICHONGQING|Jul 28,2020

Since the outbreak of COVID-19, Chongqing has promptly introduced 20 measures to support small and medium-sized enterprises and 40 measures to support enterprises to resume work and production, to help businesses speed up the resumption of production.

The Chongqing Municipal People’s Government issued the Policies and Measures to Further Boost the Healthy Development of Market Entities to help relevant companies tide over difficulties on July 27.

The 45 policies and measures are divided into six parts-furthering tax cut and fee reduction, reducing production and operation costs, strengthening financial support for stable businesses, stabilizing employment and entrepreneurship, and boosting consumption and domestic demand, and stabilizing the supply chain and the industrial chain.

45 Measures from 6 Aspects

Ten policies and measures to further tax cut and fee reduction extend the implementation period to December 31, 2020. They include the gradual decline of the value-added tax collection rate for small-scale taxpayers, exemption of VAT in specific industries, deferred payment of income tax for micro and small enterprises (self-employed people), deferred payment of corporate social insurance premiums, tax exemption for donations from enterprises and self-employed people. It is estimated that these policies and measures will cut taxes and fees by more than 30 billion yuan throughout the year.

Twelve policies and measures to reduce production and operation costs will reduce corporate costs and relieve capital pressure by more than 11 billion yuan throughout the year. These policies and measures are to rent reduction and exemption further and continue to implement phased reduction of water and electricity costs and etc.

Seven policies and measures to strengthen financial support for stabilizing enterprises are estimated to save more than 1.6 billion yuan throughout the year. They include continuing to implement the policy of deferred repayment of principal and interest, increasing the credit allocation of micro and small enterprises, lowering loan interest rates, discounts on loans for enterprises in difficult industries, and reduction of guarantee fees.

Four policies and measures are to stabilize, employment, and entrepreneurship. It is estimated that they will stabilize 700,000 jobs and grant relevant subsidies of more than 1.5 billion yuan throughout the year.

Eight policies and measures to boost consumption and expand domestic demand include supporting the cultural and tourism industry to overcome difficulties, automobile consumption, green smart consumption, night economic consumption and etc., so as to stimulate consumption potential further and effectively play the fundamental role of consumption in economic development.

Four policies and measures to stabilize the supply chain and the industrial chain include strengthening production and service guarantees, stabilizing processing trade, financial relief for foreign trade enterprises, and transferring exports to domestic sales. These policies and measures aimed at supporting foreign trade and foreign investment and ensuring the stability of the supply chain and industrial chain.

 

Attachment: Implementation Details of Policies and Measures to Further Boost Healthy Development of Market Entities

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