国内英语资讯:Fiscal, financial measures on the way to help small businesses_时事

国内英语资讯:Fiscal, financial measures on the way to help small businesses

BEIJING, June 20 -- The Chinese government will roll out a series of incentives to make financing more accessible and affordable for small and micro businesses to promote cost-cutting in the real economy, the State Council's executive meeting chaired by Premier Li Keqiang decided on Wednesday.

It was pointed out at the meeting that the prudent and neutral monetary policy will continue to be in place. The government will work to keep liquidity sufficient and appropriate, maintain financial stability, strengthen policy coordination to boost market confidence and ensure economy performs within a reasonable range.

The Chinese government puts great emphasis on financial services for the real economy, including for the small and micro businesses. Li called for giving greater priority to small and micro businesses in providing affordable finance to energize these businesses and boost employment.

The Wednesday meeting approved a series of fiscal, tax and financial incentives. The volume of re-lending and rediscount for small and micro businesses, and for rural areas, agriculture and farmers will be raised. The re-lending interest rate for small and micro businesses will be lowered. Evaluation for financial institutions will be improved to make sure that businesses with a credit quota of 10 million yuan (1.55 million U.S. dollars) and below shall enjoy faster loan growth than other types of credit recipients.

Between September 1 this year and the end of 2020, the credit quota for small and micro businesses with loans that are eligible for value-added tax exemptions on interest revenues will be raised from one to five million yuan. Meanwhile, the state financing guaranty fund will cover no less than 80 percent of the financing guarantee for small and micro businesses.