THE sprawling southwestern city of Chongqing has introduced more measures to bolster the real economy amid growing pressure to step up support for the country’s private sector as economic growth slows. The city has announced 18 policy measures to further enhance the healthy development of enterprises in the real economy, and will provide more fiscal and financial support, lower corporate costs and make it easier for firms to do business, the Chongqing Daily reported Saturday. Chongqing will set up a relief fund of at least 10 billion yuan (US$1.46 billion) to help private firms suffering from temporary liquidity problems, the newspaper added. Other provinces and regions have also sought to provide more support for the private sector, with the world’s second-largest economy losing momentum aggravated by trade tensions with the United States. The northeastern province of Liaoning also introduced 16 measures to help revitalize private firms, and pledged to implement tax cuts, Xinhua reported Saturday. China’s factory activity contracted for the first time in more than two years in December, highlighting the trade challenges facing the country and the risk of a sharper economic slowdown. (SD-Agencies) |