Six measures Xi introduces to support private businesses

Six measures

First, the burden of taxes and fees on the companies should be eased.

Substantial tax cuts including the reduction of value-added taxes should be advanced, while tax exemptions can be provided for micro and small firms as well as technology startups. The nominal rates for social security contributions should be lowered in accordance with actual conditions.

Second, measures should be taken to address the difficulty and high cost of financing for private firms.

The financial market thresholds should be lowered to expand the fund-raising channels of private firms. Necessary financial aid should be provided for private companies that follow the direction of the country's economic upgrading and have good prospects.