China to continue reward policies to help small firms

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China has unveiled a guideline to continue its reward and subsidy policies to boost financing for small and micro enterprises.

Through special funds from the central budget, the country will reward and subsidize provinces where such firms enjoy wider and cheaper access to financing between 2021 and 2023, said the guideline issued by the Ministry of Finance and the Ministry of Industry and Information Technology.

Moves will also fine-tune the policies according to the impact on these enterprises from the COVID-19 pandemic and downward economic pressure.

These moves include raising reward caps for areas with notable fee-cut results, offering preferential policy incentives to the central and western regions, and ramping up verification, the guideline said.