News
Tianjian says it is improving its taxes and financial support for micro-to-small enterprises and its entrepreneurism and innovation and has established loan compensation for those enterprises to relieve financing difficulties and has spent 6-billion yuan ($914.4 million) to compensate loan organizations’ for any losses from loans to micro-to-small enterprises at the municipal and district level.
The compensation now covers a little over 99-percent of the target group after a year in operation and has increased the micro-to-small enterprise loans by 31-percent and has provide4d subsidies to compensate certain innovation spaces at the municipal and district level. These subsidies can vary from 1-million to 5-million yuan depending on the space. By this past March, 136 million yuan had been given to 40 innovation spaces.
The city also plans to allocate 600-million yuan per year to fund policy guarantees, entrepreneurs, and angel investments, with a total of 3-billion yuan in all. In the area of taxation, it is structuring its tax reductions, by as much as 10 billion yuan annually for small-to-mid-sized enterprises. It also has small loan guarantee, rent allowances, and allowances for university students for start-ups and is improving its financial leasing industry. By the end of 2015, Tianjin had more than 650 entities in this industry, with leasing assets of more than 700 billion yuan, or more than 30 percent of the nation’s total.
