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MIIT Unveils 20 Measures to Help SMEs Resume Production

The Ministry of Industry and Information Technology (MIIT) has rolled out 20 measures in a bid to boost the confidence of small and medium-sized enterprises (SMEs), enhance existing measures and achieve the orderly resumption of work and production. These measures include the following:

  • Make concerted efforts to ensure the orderly resumption of work and production
    All-out efforts are to be made to ensure the resumption of work and production. Departments with responsibility for SMEs are to promote resumption in key enterprises, especially those involved in the supply of essential goods for epidemic prevention and control, and in the operation of public utilities and people’s daily lives.
  • Further strengthen fiscal support for SMEs
    Steps will be taken to promote the implementation of the state’s fiscal support policies for key enterprises involved in epidemic prevention and control. Local SMEs on the list of key enterprises producing anti-epidemic supplies will be assisted in applying for interest discounts and tax concessions in accordance with policy regulations. Departments in charge of SMEs in Hubei, Zhejiang, Guangdong, Henan, Hunan, Anhui, Chongqing, Jiangxi, Beijing, Shanghai and various other provinces (and municipalities) will enhance policy implementation and services to support local enterprises producing key anti-epidemic supplies.
  • Further strengthen financial support for SMEs
    All localities will take the initiative to strengthen matchmaking with financial institutions, urging them to reduce loan interest payments and increase credit loans and medium- and long-term loans to micro, small and medium-sized enterprises that have sound prospects but encounter temporary difficulties due to the impact of the epidemic. Financial institutions will also be asked to refrain from calling loans indiscriminately and stopping or reducing loans. Firms with difficulties repaying loans at maturity will be allowed to extend the loan term or renew their loan. 
  • Further strengthen support for innovation in SMEs
    Measures will be taken to boost innovation in technologies and products relating to epidemic prevention and control. Calls for entries to the “epidemic prevention and control section” of the Makers in China 2020 SME Innovation and Entrepreneurship Competition will begin immediately. To begin with, entries will be collected for projects relating to diagnostic re-agents, medical devices, equipment manufacturing, therapeutics and vaccines, and protective gear. Steps will be taken to encourage technological improvements, certification and testing, and approval of applications.

Full details can be found in the Circular on Helping SMEs Resume Work and Production and Weather the Difficulties in Response to the Pneumonia Epidemic Caused by the Novel Coronavirus (Gong Xin Ming Dian No. 14 [2020]), issued recently by the Ministry of Industry and Information Technology.

Source: Ministry of Industry and Information Technology

Content provided by Picture: HKTDC Research
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