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Zhejiang hands out $44.53 billion of financial subsidies to enterprises

ezhejiang.gov.cn| Updated: September 27, 2022 L M S

According to the last figures released by authorities in East China's Zhejiang province, financial subsidies worth 318.8 billion yuan($44.53 billion) have been offered to enterprises as of the end of Aug (excluding tax deferrals), which exceeds the annual burden reduction target of 300 billion yuan ahead of schedule.

Thirty-eight specific policy measures were implemented to provide relief to market entities since the beginning of 2022.

Enterprises in the real economy, including those in manufacturing, real estate, wholesale and retail, leasing and business services, construction, transportation, and other real economy industries, have benefited the most from these policies. The industrial sector experienced the highest burden reduction, amounting to 73.36 billion yuan, while the wholesale and retail industries experienced a burden reduction of 26.83 billion yuan.

Data shows that from January 1 to August 31 this year, a total of 313.61 billion yuan worth of value-added tax was refunded, of which 178.99 billion yuan of value-added tax credits have been refunded to taxpayers' accounts.