The General Office of the Shanxi Provincial Government issued an action plan for promoting the steady growth of the industrial economy in North China's Shanxi province on April 14.

The plan proposes 70 targeted policies and measures involving strengthening support in fiscal, tax and fee-related issues, implementing financial credit policies, promoting the supply and fair pricing of industrial products, exploring the potential of investment and consumption, enhancing resource allocation and the business environment, and the regulation and guarantee of industrial economic operation. 

From 2022 to 2024, Shanxi will expand the scope of entities that can benefit from reductions of or exemptions from six taxes and two fees, and increased income tax reductions and exemptions for small and low-profit enterprises.

In 2022, Shanxi will implement green and low-carbon transformation financial policies for coal power and other industries, work toward 200-billion-yuan ($31.38 billion) national special re-loans for the clean and efficient utilization of coal, and support financial institutions in developing credit products for professional, innovative and competitive small and medium-sized enterprises with strong growth potential in specific industries. 

The province plans to increase the protective development of special and scarce coal and support enterprises investing in the development of iron ore, copper ore, aluminum ore and other strategic mineral resources that meet the requirements of ecological and environmental protection. The comprehensive utilization of renewable resources including scrap steel, scrap non-ferrous metals and waste paper will be promoted. 

The province aims to add 700 industrial enterprises above designated size – those with annual revenue of 20 million yuan or more – in the current year, bringing the total to over 7,500.