China’s National Development and Reform Commission and several other departments issued a document on February 18, rolling out a package of measures to promote stable growth in the industrial economy.
The document which contains 18 measures focuses on five fields, including taxation, financial loaning, pricing, investment and foreign trade, and use of land.
Reducing taxes on small- and medium-sized enterprises (SMEs) is prioritized. The document proposes to extend the tax moratorium for SMEs implemented in the Q4 of 2021 by six months and expand the range of other preferential tax policies. It orders financial organs to better support SMEs, especially in access to capital.
There will be more support for the construction of new energy, such as wind power and photovoltaic facilities in desert areas and for upgrading traditional energy. Supply and pricing of key raw materials will be stabilized via market supervision and an early-warning system. The country will promote the use of renewable energy and ensure sufficient land supply for key national projects.
New data from the National Bureau of Statistics showed that the industrial value-added of Chinese enterprises with an annual revenue of no less than 20 million yuan (US$3.2m) grew by 7.5 percent in the first two months of 2022, 3.2 percent higher than that in December 2021 and 1.4 percent higher than the average growth over the past two years.
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