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Jiaxing in East China's Zhejiang province takes measures to support the development of local companies. [Photo/WeChat account: jxfabu]

Jiaxing in East China's Zhejiang province recently published measures to support the development of local companies, local media reported on April 17.

These measures involve tax burden alleviation, improved financial and administrative services, and support in foreign trade and industrial upgrading.

The minimum threshold for value-added taxes for small-scale taxpayers has been increased from 100,000 yuan ($15,000) to 150,000 yuan and companies can apply for an extension of up to three months if they find it hard to pay taxes on time.

Financial institutions are required to take measures such as deferred repayment of capital and interest, renewal without repayment of principal, and reduction of interest to support industries of wholesale and retail, accommodation, catering, logistics, transportation, and tourism, which have been severely affected by the pandemic.

To support foreign trade, companies will receive a subsidy of up to 300,000 yuan if they exhibit their products at foreign exhibition centers for a long period of time. In addition, foreign trade companies are encouraged to participate in online international fairs, and inspection and quarantine expenses will be waived for inbound epidemic prevention and control supplies.

To support industrial upgrading, financial institutions and local financial organizations are encouraged to offer financing, guarantees, and credit enhancement to companies involved in stock system reform, listed companies, and companies that plan to be listed.

A maximum subsidy of 20 million yuan will be offered to projects involving key parts and whole machine products in the hydrogen industry worth between 100 million yuan and 500 million yuan, while a maximum subsidy of 40 million yuan will be given to those worth over 500 million yuan.

A subsidy of up to 5 million yuan will be given to medical device projects with a total investment of between 50 million yuan and 100 million yuan, while a subsidy of up to 30 million yuan will be given to those with a total investment of more than 100 million yuan.

To improve administrative services, local governments at district and municipal levels will continue increasing their support for the construction of comprehensive company service platforms.