Industrial firms making a minimum of 20 million yuan (around $2.83 million) on an annual basis reaped combined profits of up to 5.53 trillion yuan from January to August, 2022, which was a decrease of 2.1 per cent YoY, according to data from the NBS. In order to soften the blow of various economic challenges, China has introduced a set of efficient policies to enable economic recovery and re-establish growth.
The country’s State Council had earlier introduced a number of policies such as deferment of payment of government-levied charges, assistance for private businesses and the platform economy, and risk compensation funds for loans to small firms and self-employed people.
The country’s government also approved fee cuts and tax refunds to ease the pressure on businesses; its policy package is estimated to save about 2.5 trillion yuan for taxpayers in 2022.
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