East China’s Jiangsu province has adopted more proactive and impactful fiscal policies more prudent monetary policies to spur the vitality of market entities and promote entrepreneurship so as to ensure stability on the six fronts and security in the six areas.
Feng Jiujiu is the CEO of a small foreign trade firm in Nanjing. With the escalating COVID-19 pandemic around the world, Feng’s client in the USA declared bankruptcy protection, subjecting him to the potential loss of more than 100 thousand US dollars.
A local insurance company came forward to offer timely help by granting him more than 80 thousand US dollars in compensation as his company was insured under a preferential policy benefiting small and micro enterprises with an annual turnover of less than US$3 million.
In the first half of the year, Jiangsu adopted various policies and measures to help enterprises alleviate various difficulties and improve the facilitation of market access.
Since the outbreak of the COVID-19 pandemic, Jiangsu has taken various measures to ensure stability on the six fronts and security in the six areas by cutting fees and taxes, lowering rents and interests, delegating administrative approval powers to the grassroots level, strengthening IPR protection and clean up policy measures that interfere with fair market competition so as to help market players with resumption of work and production.
The implementation of the multi-pronged measures has paid off, as is evidenced by the gradual rebound in the number of the market entities in the province.
In the January-June period, Jiangsu recorded the registration of 1 million new market players, up 19.9% from a year earlier. The number of the market players recorded in the province amounted to 11.11 million, a gain of 6.3% from the end of last year. The province also recorded 749 thousand new self-employed businesses in the first half of this year, up 28.6% year on year. The increase added to a total of 7.45 million, up 8.5% from a year ago.
