We will reduce enterprises' production and operating costs.
The policy of reducing electricity prices for general industrial and commercial businesses by five percent will be extended to the end of the year. The rates for broadband and dedicated internet access services will be cut by 15 percent on average. Rents for state-owned premises will be lowered or exempted, and all other types of property owners are encouraged to also reduce, waive, or defer rent payments, and they will receive policy support from the government in doing so. We will take firm steps to stop the unauthorized levy of fees on enterprises.
We will increase financial support to keep business operations stable.
The policy allowing micro, small, and medium businesses to postpone principal and interest repayments on loans will be further extended till the end of March next year—payments on all inclusive loans of micro and small businesses eligible for this policy should also be deferred, and other businesses facing financial difficulties can discuss similar terms with their creditors. We will encourage banks to substantially increase credit loans, first-time loans, and loan renewals without repayment of principal for micro and small businesses. The scope of the government financing guaranty will be expanded and guaranty fees will be reduced significantly. Large commercial banks should increase inclusive finance lending to micro and small businesses by more than 40 percent. We will support enterprises in increasing bond financing.
We should tighten regulation and prevent funds from simply circulating in the financial sector for the sake of arbitrage. As financial institutions and the businesses that borrow from them share a common stake, we encourage banks to make appropriate interest concessions. To support market entities, we must ensure that micro, small, and medium businesses have significantly better access to loans and that overall financing costs drop markedly.
