Beijing unveils measures to prop up advanced manufacturing
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E-mail China.org.cn, June 7, 2022
Beijing recently issued a document on mitigating the epidemic's impact on the city's advanced manufacturing industry, putting forward 15 measures in detail.
These measures prioritize the stable operation of the city's industrial and supply chains. To improve the efficiency of transporting daily supplies and key raw materials, truck drivers will be put under closed-loop management through one-stop services such as nucleic acid testing and contact tracing.
Local authorities will also issue timely green passes for vehicles carrying key materials, with various COVID-19 countermeasures in place that hope to further simplify relevant procedures.
Industrial parks, temporary transfer hubs, and anti-pandemic service stations in Beijing adjacent to Tianjin and Hebei will be equipped with cargo-handling facilities and shuttle buses, providing truck drivers nucleic acid and antigen testing services.
The document also proposes fiscal, financial, and credit support measures to effectively reduce businesses' tax burdens and financing costs. Beijing has been working to refund all due value-added tax (VAT) credits to advanced manufacturing enterprises on a monthly basis. This policy will also be offered to qualified micro and small enterprises and other manufacturing businesses starting from April 4, 2022, who will receive outstanding VAT credits in one lump sum.
According to official data, nearly 24.51 billion yuan of VAT credit will be refunded, and about 7.8 billion yuan of tax will be deferred. Some 890 million yuan in additional tax deductions for R&D expenses and 460 million yuan in unemployment insurance fees will also be reduced.
In addition, Beijing encourages financial institutions to offer more support to businesses to tide over the difficulties amid the epidemic. It supports the listing of high-tech small and medium-sized enterprises (SMEs) on the National Equities Exchange and Quotations (NEEQ) and the Beijing Stock Exchange.
Beijing also plans to establish a coordination mechanism to stabilize its industrial and supply chains, whitelist its key industries and foreign trade companies at the national level, and encourage companies to improve their resilience and strengthen their capacity to offer daily supplies and basic services.
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