Hechi releases measures to promote smooth economic development

Hechi in Guangxi Zhuang autonomous region recently released 21 measures to promote the smooth development of its economy under the conditions of the novel coronavirus pneumonia outbreak.

The measures are mainly involved in six aspects, covering poverty alleviation, bolstering the real economy, boosting agricultural production, promoting the development of the tertiary industry, paying close attention to investment and construction of major projects, as well as strengthening organizational guarantees.

Enterprises in Hechi which have temporary difficulties in operations due to the novel coronavirus pneumonia, but boast a bright development prospect, can extend their loans or have them expire to renew loans.

Micro, small, and medium-sized enterprises that are affected by the epidemic can receive an interest subsidy for half a year for loans of up to 2 million yuan ($288,909) from the district or county government where the enterprise is located.

A total of 20 million yuan will be raised to support the transformation and upgrading of liquor-making enterprises in the city.

Hechi also supports the development of the cocoon silk industrial chain. It will give a reward of 100,000 yuan for buying a domestic silk loom, and a reward of 200,000 yuan for buying an imported one.

A one-time reward of 300,000 yuan will be awarded to newly established enterprises above designated size or those included in the statistics department of Hechi in 2020. Enterprises above designated size refer to those with annual sales revenue of more than 20 million yuan.

The Hechi municipal government will give a one-time reward of 200,000 yuan to small and micro businesses in the city that are upgraded to enterprises above designated size for the first time in 2020.

Liquor-making enterprises in Hechi that pay taxes in the city and their tax payments have increased by over 10 million yuan over the previous year can receive a reward that is equal to 3 percent of their tax payment, while enterprises in other industries that fit the same criteria can receive a reward that is equal to 5 percent of their tax payment for three years starting from 2020.

For cultural tourism projects with an investment of more than 50 million yuan, Hechi will give the most favorable price of land. A grant that is equal to 80 percent of the city's retained part of their paid taxes will be awarded to the projects after completion for the first year, while 50 percent of the city's retained part of their paid taxes will be awarded for the second and third years.

Cultural tourism enterprises that lease State-owned housing for production and operations will be exempted from the rents of February and March of 2020, and half the cost of rents of April to June of 2020.