Siming releases measures to boost economic recovery

Siming district in the coastal city of Xiamen, East China's Fujian province, launches seven concrete measures to boost local key industries. [Photo/Xiamen News]

Siming district in the coastal city of Xiamen, East China's Fujian province, recently launched seven concrete measures to boost local key industries, aiming to promote economic and social development.

According to the measures, eligible software and information enterprises above designated size - those earning at least 20 million yuan ($2.92 million) annually - will enjoy a reward and subsidy of up to 1 million yuan.

Wholesale and retail enterprises that have a sales volume of 1 billion yuan or above, and a growth rate of 20 percent or above in the first quarter of this year, will be given a certain reward by the district's commerce bureau.

Specific measures were also released to bolster the real economy by boosting consumption. The local commerce bureau will also support new types of consumption of goods and services. Rewards will be provided to eligible commercial complexes to boost consumption recovery.

As Spring Festival is approaching, retail, catering, accommodation and sightseeing spots nationwide are expected to embrace another round of spending sprees. Siming district will give full support to fast recovery of its culture, tourism and sports businesses.

The local government will provide credit loans and financing assurance to micro and small-sized enterprises to help them recover from the COVID-19 pandemic.