Shanghai unveils policies to support small and medium-sized enterprises

Publish Date:2024-04-02

The Shanghai Municipal Government announced a comprehensive set of policies aimed at easing the operational burden on enterprises and supporting the development of small and medium-sized enterprises during a press conference on March 29.

The measures, designed to address the needs of enterprises, focus on reducing tax and fee costs, labor expenses, energy costs, financing costs, and improving enterprise services.

These policies are strategically crafted to promote high-quality development, ensuring a coordinated implementation process across various sectors while balancing the current needs with future considerations, said Gu Jun, deputy secretary-general of the Shanghai Municipal Government and director of the Municipal Development and Reform Commission, at the press conference.

In terms of reducing tax and fee costs, the government will implement national policies for tax and fee reductions, grant relief for urban land-use tax for qualifying enterprises, and temporarily reduce specific administrative fees.

The government also aims to lower electricity, gas, and water costs for enterprises.

In financing, the government intends to increase credit support for small and medium-sized enterprises, expanding inclusive small and micro-enterprise loans along with interest and fee subsidies.

The policies also emphasize improving enterprise services, including strengthening employment services and assistance, updating the policy service package of the Shanghai Human Resources and Social Security, and refining the standards for reducing administrative penalties.

These policy measures will be effective through the end of this year. Looking ahead, Shanghai is committed to ensuring the effective implementation and refinement of these measures, ultimately enhancing benefits for enterprises, said the municipal government.