The Ministry of Industry and Information Technology plans to further alleviate the burdens of small and medium-sized firms by implementing pro-growth policies, according to a government official. During a teleconference, Vice Minister of Industry and Information Technology Xin Guobin announced that a special campaign initiated by the ministry and other government departments has resulted in 10,600 resolutions of default and arrears for small and medium-sized enterprises. In the first 10 months of 2023, China experienced significant tax cuts, fee reductions, rebates, and fee deferrals, exceeding 1.6 trillion yuan, boosting market vitality and resulting in a 4.1% year-on-year increase in value-added industrial output for enterprises above designated size. Xin announced that the ministry will enhance its oversight and inspection to alleviate the burdens of enterprises, ensuring they receive the necessary support.
The Ministry of Industry and Information Technology plans to further alleviate the burdens of small and medium-sized firms by implementing pro-growth policies, according to a government official. During a teleconference, Vice Minister of Industry and Information Technology Xin Guobin announced that a special campaign initiated by the ministry and other government departments has resulted in 10,600 resolutions of default and arrears for small and medium-sized enterprises. In the first 10 months of 2023, China experienced significant tax cuts, fee reductions, rebates, and fee deferrals, exceeding 1.6 trillion yuan, boosting market vitality and resulting in a 4.1% year-on-year increase in value-added industrial output for enterprises above designated size. Xin announced that the ministry will enhance its oversight and inspection to alleviate the burdens of enterprises, ensuring they receive the necessary support.