US$9.4b fund to be set up for SMEs
Print Edition
CHINA is to set up a 60 billion yuan (US$9.4 billion) fund to support small and medium-sized enterprises .
The national SME development fund aims to alleviate financing difficulties for SMEs and intensify efforts to promote entrepreneurship and innovation and create new growth momentum, according to a statement released after an executive meeting of the State Council chaired by Premier Li Keqiang.
The central government will provide 15 billion yuan for the fund, while the rest will be raised by private firms, state-owned enterprises, financial institutions, local governments and others.
The meeting also decided to lower the threshold for investment in certain industries, reducing the minimum capital ratio for investments in harbors and airports from 30 percent to 25 percent, from 25 percent to 20 percent for railways, highways and subways, and from 30 percent to 20 percent for corn deep processing projects.
For industries with overcapacity, China will maintain relatively high minimum capital ratios between 30 and 40 percent.
In a separate move, China is to set up a hierarchical medical system to improve services at county-and township-level health centers.
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