Hangzhou unveils measures to boost real economy

Aerial view of skyscrapers in Qianjiang New Town CBD, Hangzhou [Photo/VCG]

The Hangzhou government in East China's Zhejiang province has launched a slew of new measures designed to boost real economy development, local media reported on April 3.

The 23 policies cover tax reduction, easing of financial difficulties, promotion of the technological transformation of manufacturing enterprises, advancement of mass entrepreneurship and innovation, and introduction of major projects.

According to the policies, qualified manufacturing enterprises are able to build office facilities such as talent apartments on idle industrial land, as long as said facilities do not cover more than 15 percent of the total construction area.

The city will establish a comprehensive financial service platform by integrating data pertaining to corporate credits, financial institutions, taxation, market supervision, social security, customs, and justice, so as to provide stronger credit and loan support for small and medium-sized enterprises and growing businesses with good market prospects and economic returns.

Meanwhile, Hangzhou will increase support for the technological transformation projects of manufacturing enterprises in new-generation information technology, high-end equipment, biomedicine, integrated circuits, new energy and new materials. The city will also steadfastly implement new national tax reduction polices which call for a rate reduction from the current 16 percent to 13 percent in manufacturing and related industries, and a reduction from 10 percent to 9 percent in transportation, construction, and related industries.

City-level hi-tech enterprises will be granted a subsidy of 200,000 yuan ($29,782), and the number of small and medium-sized enterprises eligible to receive financial subsidies for research and development will be expanded to 1,000.