China will boost support for small and micro enterprises in terms of financing and coping with raw material prices, the government announced in a statement.
- The matters were discussed by the State Council during an executive meeting on May 26.
- The support includes measures to reduce taxes and fees, and intensify financing support for small and micro enterprises and individual industrial and commercial households.
- The plan also spells out the expansion of loans and their renewal without principal. This covers credit loans, first loans, medium and long-term loans, and loans on demand.
- China seeks to shorten the acceptance period of commercial bills to six months from one year, in efforts to taper down pressures on enterprises.
- Large enterprises will be pushed to build a supply-demand docking platform to stabilize the prices of raw materials and ensure supply.
- The government also crack down on hoarding and price-raising behaviors, while providing subsidies to privately run businesses and households.