Shanxi issues measures to support private enterprises


North China's Shanxi province has rolled out a series of measures to support the development of private enterprises, according to a circular recently issued by provincial authorities. 

The circular regulates 70 supporting measures in eight aspects, including reducing the production and operation costs of enterprises, strengthening support for technological innovation, solving financing problems, and guiding the expansion of investment in transformation and upgrading. 

Shanxi will implement tax exemptions and reductions for small and micro-sized enterprises and tech startups. The labor union funds of small and micro-sized enterprises from Jan 1, 2020 to Dec 31, 2021 will be fully refunded. Differentiated expressway tolls will continue to be implemented to reduce logistics costs for enterprises. 

To encourage innovation, enterprises that have passed the identification of high-tech enterprises for the first time or three times in a row will be awarded a one-time payment up to 200,000 yuan ($31,097). 

A subsidy of 1 million yuan will be given to all newly built provincial key laboratories, engineering technology research centers and clinical medicine research centers. 

Shanxi will increase credit support for private enterprises. For enterprises that use patent pledge loans for finance of 3 million yuan or more, a maximum one-time subsidy of 200,000 yuan will be granted.

The province will also support private enterprises in investing in its 14 strategic emerging industries such as big data, semiconductor and IT application innovation, and guide them to outline future industrial layouts.