Small, micro businesses get a boost

State Council will encourage banks to make loans available

China will further bolster its small and micro businesses with financial measures to increase economic vitality, the State Council executive meeting, chaired by Premier Li Keqiang, decided on Wednesday.

In order to boost policy support and encourage financial institutions to step up financial services, the credit ceiling of the value added tax exemption for interest derived from bank loans to small and micro businesses, farmers and self-employed will be expanded from 100,000 yuan to 1 million yuan ($15,075 to $150,750) between Dec 1, 2017, and Dec 31, 2019.