Guangdong rolls out support for businesses

The government of Guangdong province, the largest provincial economy in China, announced nine sets of measures on Thursday to boost the confidence, vitality and quality development of market players.

The measures target sectors such as enterprises, manufacturing, foreign trade, rural revitalization, self-employed businesses and financial support, said Hu Hong, deputy secretary-general of the provincial government, at a news conference in Guangzhou on Thursday.

The package concerning enterprises includes 22 measures updated from previous policies, including value-added tax measures for supporting various sectors, reduction of financing guarantee costs for small enterprises and continued tax exemptions for new energy vehicle purchases.

It also contains 25 new measures, including those on preferential highway toll charges, cultivation of quality enterprises and standardization of the preliminary work in investment projects in seven key sectors.

The other 12 measures in the set are extensions of previous policies, including those on reduction of the value-added tax for small taxpayers and facilitation of major foreign-invested projects.

The package is incorporated with a vision for long-term structural adjustments, including planning for national-level strategic projects and orderly industrial relocations.

Amid the country's accelerating economic recovery, a number of enterprises remain mired in difficulties. The package is designed for stabilizing external demand, expanding domestic demand and providing a sound business environment, Hu said.