Recently, Xiamen has released the Several Measures for Further Stabilizing the Economy and Market Entities (the "Measures" for short) in a bid to buoy up the market confidence, solidify the upward trend of economic recovery, and expedite the high-quality and high-speed development of the city. The Measures includes 5 specific measures. The Measures specifies further relief of tax burdens for enterprises, including the relief of property tax and urban land use tax for struggling enterprises and the staged reduction of the basic medical insurance rate of employees. The Measures also indicates beefing up the support of "financial policies + financial tools", including expanding the scale of the technological innovation fund from 10 billion yuan to 15 billion yuan, adding more subjects to be supported by the manufacturing sub-fund of the Credit Enhancement Fund, solving loan issues for micro, small and medium-sized manufacturing enterprises, and offering a 1% discount for qualified micro and small-sized enterprises in their first loans.
