The Shanxi finance department has adopted a number of measures to help individuals and groups return to their hometowns in Shanxi province to open businesses since 2020, greatly stimulating social innovation and entrepreneurship and stabilizing employment in the province.

Financial authorities have implemented policies on tax reductions and exemptions with taxes reduced by 7.57 million yuan ($1.19 million) in 2020 and 2.96 million yuan in the first seven months of this year.

Shanxi has 43 entrepreneurial industrial parks and demonstration parks in the planning and construction stages, and has arranged 2.06 billion yuan in special bonds for 17 projects.

For qualified individuals in Shanxi, the maximum amount of business secured loans has increased from the previous 150,000 yuan to 300,000 yuan; for eligible small and micro-sized enterprises, the maximum amount of business secured loans has increased from the previous 2 million yuan to 3 million yuan, and the loan period can be up to three years.

As of the end of September, the province had issued a total of 2.84 billion yuan in guaranteed loans for entrepreneurship, and 14.86 million yuan had been allocated for discount interest funds by provincial, municipal and county-level government in Shanxi. 

This year, the province has issued 1.82 billion yuan in employment subsidy funds to support the employment and entrepreneurship of college graduates, poor laborers, people with employment difficulties, and retired military personnel. A total of 5,682 households have benefited from this provincial-level entrepreneurial guarantee fund.