On January 20, Foshan issued the Measures to Boost Economy at the Start of 2023 (hereinafter referred to as "The Measures"), which aims to boost the development of local economy while securing stability and quality. All efforts will be made to deliver outstanding performance in the first quarter of 2023.
Targeted at the high-quality economic growth, the Measures include 18 terms to boost local economy, covering four key aspects: industry, foreign trades, labor resource and consumption.
At certain periods like the Spring Festival, the stimulation of consumption will be prioritized. For instance, a series of activities like grand competitions, market events, and 10 million consumption coupons, have been held during the Spring Festival to motivate consumption and stimulate the recovery of the economy.
It is believed that the industrial foundation of Foshan is the manufacturing industry. To stabilize the industrial development, it has incorporated effective methods to improve production efficiency and attract foreign investment. Additionally, bonuses will be given to qualified enterprises according to their revenue brackets.
In terms of labor resource, The Measures have emphasized on the support to employees. It has issued the subsidy to the company for additional staff employed and professional training. Additional support will be also provided to the financial institutions for the issue of interest-free loans.
Benefited from the optimized pandemic policies, The Measures encourage enterprises to expand international market, and foster the growth of cross boarder e-commerce business. In the first quarter, some key exhibitions like Hong Kong Toy Fair, Tokyo International Lighting Exhibition are considered as great opportunities. Supports will be provided to enterprises who participate in these key exhibitions and business activities.
Meanwhile, the recovery of accommodation and real estate industries is listed in The Measures. Via the promotion of important areas including utilization, labor, funds, logistics, the ultimate goal is to help enterprise resume production and achieve the economic growth.
Author | Eddie
Revisor | May, Jersey