国内英语资讯:China steps up financial support to small and micro businesses_时事

国内英语资讯:China steps up financial support to small and micro businesses

BEIJING, Sept. 27 -- China will further bolster its small and micro businesses with more financial measures to increase vitality of the economy, according to a decision made at a State Council executive meeting chaired by Premier Li Keqiang on Wednesday.

In order to boost policy support and encourage financial institutions to step up financial services, credit ceiling of VAT exemption for interest derived from bank lendings to small and micro businesses, farmers and self-employed will be expanded from 100,000 yuan to 1 million yuan between Dec. 1, 2017 and Dec. 31, 2019.

The stamp tax exemption for the borrowing contracts of small and micro businesses and the VAT exemption for those with a monthly sales volume of less than 30,000 yuan will be extended to 2020.

More efforts will be made to put the inclusive finance departments of state-owned banks in place at grassroots levels. Commercial banks will enjoy cut in reserve requirement ratio if their total or percentage of increase in individual loans of less than 5 million yuan to small and micro businesses, farmers, people under poverty line, students and guaranteed loans for startups reach a certain standard.

"The small and micro businesses have been a strong pillar for employment, offered strong support for large and medium-sized enterprises, and increased vitality of the society," Li said. "We should encourage financial institutions to lower their footing and strengthen capacities to serve the real economy."