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Jiaxing releases measures to support SMEs

chinadaily.com.cn| Updated : Feb 25, 2022


An employee at the Jiaxing tax department teaches an individual how to handle issues online. [Photo/cnjxol.com]

Jiaxing in East China's Zhejiang province recently published 20 measures to support micro, small and medium-sized companies.

Some of the measures are updated versions of the previous 10 tax and fee service measures.

According to the new measures, different types of tax reimbursement will be applied altogether, and the time required for such services will be reduced from five days to three. By the end of 2023, more than 90 percent of the value added tax invoices in Jiaxing would be electronic.

In addition, Jiaxing authorities will cooperate with financial institutions to offer these companies tax-paying credit loans.

Jiaxing Yongfa Electronics Co Ltd specializes in producing stainless steel products, which are exported to Europe, the United States, and Southeast Asia.

"Last year, our company's output was valued at 256 million yuan ($40.55 million) and received more than 20 million yuan in export rebates," said Xia Ruzhong, head of Yongfa, who added that it encouraged them to pursue technological transformation.

According to Xia, Yongfa invested 40 million yuan in technological transformation last year, which increased their annual production of stainless steel thermal cups by 3 million.

He said that the company will continue bolstering efforts to accelerate technological transformation this year, and that annual output is expected to reach 280 million yuan.

These newly-issued measures also include Jiaxing's efforts to encourage entrepreneurship and alleviate pressure on middle and low-income persons.