During a recent press conference hosted by the Shaanxi Provincial Government’s Information Office, it was announced that this year, the province has implemented key policies to support technological innovation and manufacturing development. Notably, Shaanxi has implemented tax reductions, fee cuts, and refunds totaling 30.81 billion yuan, significantly alleviating the financial burden on businesses and stimulating market activity.
Shaanxi has been proactive in executing the national structural tax reduction and fee exemption policies, continuously promoting value-added tax deductions for advanced manufacturing enterprises and offering tax reductions for the conversion of scientific achievements. Officials emphasized their commitment to ensuring that all eligible reductions and exemptions are fully realized. Furthermore, the province has established a list management system for business-related charges and conducted inspections to standardize fees, ultimately lowering unreasonable costs for companies. In addition, Shaanxi is leading a special initiative to address overdue payments to businesses, ensuring timely completions of payables and safeguarding the rights of enterprises, particularly small and privately-owned companies.
Li Minghuai, Deputy Director of the Shaanxi Provincial Finance Department, shared that the province has been consistently expanding government-backed financing guarantees. Through a comprehensive package of subsidies, risk compensation, and collaborative rewards with financial institutions, Shaanxi is encouraging guarantee agencies to reduce their premiums.
To address the financing challenges faced by small and micro enterprises, the province has launched short-term liquidity support through government-backed financing guarantee funds, successfully transferring 14.2 billion yuan to rural areas, small businesses, and individual entrepreneurs. The average refinancing time has been reduced from 15 days to just five, providing crucial support for businesses in need. Additionally, Shaanxi has established a loan risk compensation mechanism focused on eight key cultural tourism industry chains, introducing the “Cultural Tourism Loan” project to broaden risk compensation support for small and micro enterprises, resulting in 41.1 billion yuan in loans disbursed.
Moreover, Shaanxi is enhancing financial cooperation by continuously introducing fresh capital into the market. The province has created reward and incentive systems, fostering a robust ecosystem for investment and attracting quality capital to Shaanxi. By promoting collaboration between central enterprises and local funds, they are facilitating comprehensive industry chain integration to drive high-quality project implementations. The recent Shaanxi Innovation and Investment Eco-conference has led to the formation of the Shaanxi Technology Innovation Investment Alliance, which aims to cultivate a diverse and open communication platform and investment ecosystem that encourages early and sustained investments in high-tech sectors.
Lastly, the Shaanxi Provincial Finance Department is focused on leveraging “Internet + government procurement,” enhancing benefits for businesses, optimizing policy functions, and fostering fair competition to create a regulated, efficient, open, and competitive business environment for government procurement. To streamline processes, Shaanxi has developed an electronic trading system for online transactions, reporting 4,818 electronic procurement projects carried out this year, amounting to 10.17 billion yuan—effectively reducing costs for businesses participating in government procurement.
