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Guangdong Looks to Prioritise SME Development

The Regulations of Guangdong Province with Regard to Promoting the Development of Small and Medium-sized Enterprises (SME) are set to come into force as of 1 January 2020.

Among the key changes set to be introduced are the following:

Enhancements to the Business Environment

  • In line with this, administrative permission procedures are to be optimised, while full implementation is to be ensured for all negative, power, responsibility and public service lists

Streamlined Financing

  • This will see a specific incentive mechanism established for extending loans to SMEs, as well as the wider deployment of credit risk mitigation, credit enhancement, discount interest rates and other means likely to encourage financial institutions to serve the interests of the real economy

Entrepreneurship Support

  • Suitably-qualified candidates are to be offered lump-sum start-up funding and provided with guidance and support when applying for start-up loans

Innovation Support

  • Approved R&D expenses incurred by SMEs during the course of the development of new technologies, new products or new processes will be eligible for weighted pre-tax deductions

Source: Department of Industry and Information Technology of Guangdong Province

Content provided by Picture: HKTDC Research
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