Workers work in a clothing manufacturing firm in Xinyu, Jiangxi Province on November 5, 2021. Photo: VCG

China will increase financial support for medium, small and micro enterprises, and policy support to the manufacturing industry will increase to promote the stable development of the real economy, a State Council's executive meeting, chaired by Premier Li Keqiang, made the decision on Wednesday.

The meeting pointed out that currently medium, small and micro enterprises and individual business are facing great difficulties and it is necessary to use market-oriented incentives to increase financial support for business that are facing a downward pressure.

The targeted measures include encouraging local banking institutions to issue loans to small businesses, rolling over a relending quota of 400 billion yuan ($62.84 billion) to support inclusive financing to small businesses starting in 2022, building a national integrated financing credit service platform network oriented to serve small and micro enterprises and encouraging financial institutions to issue special bonds for small business.

The meeting also decided to ramp up support to promote the upgrading of manufacturing firms through tax and fees reductions, additional long-term loans, implementation of a digital transformation and international cooperation.