An employee of an engine manufacturer works on a production line in Tangshan, Hebei province, in September. [Photo provided to China Daily] China has rolled out a raft of fiscal measures to support small and medium-sized enterprises, pledging to help smaller companies stabilize their payrolls and undergo digital transformation. In a statement released on Aug 20, the Ministry of Finance vowed to better aid SMEs in government procurement procedures, saying the policy that reserves at least 40 percent of procurement contracts for such companies will be extended to the end of 2025. To help SMEs stabilize their payrolls, the ministry highlighted the need to continue offering one-time subsidies to smaller businesses that recruit new college graduates, graduates who fail to find jobs within two years of their graduation or young unemployed people. The measures follow the central government’s release of a host of measures in recent months to sustain the momentum of the economic recovery and help businesses. According to the National Bureau of Statistics, China’s official manufacturing purchasing managers’ index rose to 49.3 last month from 49.0 in June. A reading above 50 indicates an expansion in activity, while a reading below it indicates a contraction. According to […]
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