Beijing Rolls out 12 New Relief Measures to Step up Financial Support for Corporates

Beginning from September 2022, relevant deferred tax payments for eligible medium-scale manufacturing enterprises and small and micro manufacturing enterprises will be granted another four-month grace period.

Eligible fully-electric vehicles, plug-in hybrid vehicles, fuel cell vehicles that are purchased in 2023 will likewise be exempted from vehicle purchase tax.

In order to step up the financial support for businesses, the government will also provide an interest subsidy of 2.5 ppts to eligible projects, which will have a duration of two years. As a result of that, banks were anticipated to disburse about RMB30 billion of loans for equipment purchases and upgrades.