Bigger fund for small firms
By Feng Jianmin |
April 27, 2012, Friday
|
Print Edition
Print Edition
CHINA will expand a fund set up to support small businesses and extend the validity period of corporate tax-reduction programs as it continues to help them to survive amid an economic slowdown.
The government will boost the fund this year to 14.2 billion yuan (US$2.3 billion) from 12.9 billion yuan, the State Council, China's Cabinet, disclosed yesterday. The fund will favor small enterprises in the central and western regions of the country, according to the Cabinet's guideline.
For example, small enterprises in low energy consumption industries are eligible to apply for the funds, according to earlier documents.
Data from the People's Bank of China this week showed that existing loans to micro and small firms rose 20.5 percent year on year to 10.38 trillion yuan (US$1.65 trillion) at the end of March, or 5.3 percentage points faster than loans to companies overall.
The government will also extend corporate tax cuts to as late as 2015 for companies that are eligible and continue to offer capital to spur technology innovation.
The government will boost the fund this year to 14.2 billion yuan (US$2.3 billion) from 12.9 billion yuan, the State Council, China's Cabinet, disclosed yesterday. The fund will favor small enterprises in the central and western regions of the country, according to the Cabinet's guideline.
For example, small enterprises in low energy consumption industries are eligible to apply for the funds, according to earlier documents.
Data from the People's Bank of China this week showed that existing loans to micro and small firms rose 20.5 percent year on year to 10.38 trillion yuan (US$1.65 trillion) at the end of March, or 5.3 percentage points faster than loans to companies overall.
The government will also extend corporate tax cuts to as late as 2015 for companies that are eligible and continue to offer capital to spur technology innovation.
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