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Inner Mongolia launches 40 measures to stabilize economy

2022-06-23 (chinadaily.com.cn)

North China's Inner Mongolia autonomous region held a press conference on June 21 to interpret the region's policies on stabilizing the economy.

Information from the press conference showed that a total of 40 measures in six fields are taken, concerning taxation, financing, investment and consumption, energy security, industrial chains, and people's livelihoods.

Plans have been made for Inner Mongolia to implement the VAT retained tax refund policy, and the total amount of new tax refunds under various retained tax refund policies this year is expected to reach about 45 billion yuan ($6.75 billion).

The issuance and use of special government bonds will be completed ahead of schedule, and the funds issued this year will be mostly used up by the end of August.

For eligible regions, all small, medium and micro-sized enterprises that are experiencing temporary difficulties in production and operation due to the impact of COVID-19, and individual industrial and commercial households participating in the insurance in the form of units, three social insurance payments can be postponed.

Inner Mongolia will expand the scope of loan deferred repayment of principals and interest. This measure will benefit micro, small and medium-sized enterprises, individual industrial and commercial households, truck drivers, and those who are hospitalized or quarantined due to infection with COVID-19, those who need to be quarantined and observed due to prevention and control efforts, and those who have temporarily lost their source of income.

In addition, Inner Mongolia will accelerate the construction of water conservancy infrastructure, and investment in water conservancy will exceed 8 billion yuan this year.

Moreover, the construction of key transportation infrastructure projects will be advanced this year. The annual railway construction scale will reach 1,700 kilometers, the construction of key highways, rural and pastoral roads, reconstruction of dangerous bridges, and life safety protection projects will be accelerated, and another three general-purpose airports will be built this year.